The Indian rupee is likely to commence on a cautious note tracking mixed cues from global equities and as dollar stabilizes below 105 mark awaiting cues from US data and Fed Powell’s testimony this week. Yesterday, rupee pared initial gains to settle 1 paisa lower at 83.50 against the US dollar, as muted domestic equities weighed on investor sentiments. The benchmark 30-shares BSE Sensex index fell 265 points in morning deals before seeing significant recovery to end at 79,960, down 36 points, or 0.05 percent, from its previous close. On the NSE, the broader Nifty50 fell below the 24,250-mark before managing to close down 3 points, or 0.01 percent, at 24,320. Meanwhile, the dollar index is lingering below 105 after losing nearly 1% last week, weighed down by soft US economic data which reinforced a dovish outlook on Federal Reserve monetary policy. Powell's testimony before the Senate today and the House on Wednesday is awaited for clearer signals on the future direction of the Fed's interest rate path. Investors also anticipate key upcoming inflation figures set to be released on Thursday.