The rupee edged higher to as much as 77.93 against the US dollar on Monday amid easing crude oil prices and rising domestic equities, though strength in the greenback overseas and sustained foreign institutional investor outflows kept the gains in check. It began the day at 77.94 against the US currency and continued to climb by as much as 14 paise or 0.2 percent during the session.

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The rupee finished the day at 77.98 against the American currency.

Global oil prices cooled off amid concerns about demand and the prospect of slowing economic growth. Brent futures fell as much as 0.8 percent to $112.2 a barrel. West Texas Intermediate (WTI) futures followed suit, dropping as much as 0.7 percent to $108.8 a barrel.

The dollar index was rose 0.1 percent. It gauges strength in the greenback against six other currencies.

Domestic equity benchmarks BSE Sensex and NSE Nifty50 managed to eke out gains of about half a percent each, after falling for six back-to-back sessions.

Foreign portfolio investors (FPIs) net sold Indian shares worth Rs 7,818.6 crore on Friday, according to exchange data.

The rupee had settled at 78.07 against the greenback on Friday.

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