This fact can be proved by simply appling a little of abstract non-sense. First of all you have that you module $F$ can be written as a direct sum (i.e. coproduct in the category of $R$-modules) $F= \bigoplus_{i \in I} R$ for some set $I$. So we have the following isomorphisms $\hom(M,R) \otimes F \cong \hom(M,R) \otimes \bigoplus_{i \in I} R$ because tensor product commute with direct sum you have $\hom(M,R) \otimes F \cong \bigoplus_{i \in I} \hom(M,R) \otimes R$ and then $\hom(M,R) \otimes F \cong \bigoplus_{i \in I} \hom(M,R)\ \text{.}$
(Edit: I've previously made a mistake, I want to thank Zhen Lin for pointing out the error, now the proof should be correct).
Now there's the natural embedding $\bigoplus_{i \in I} \hom(M,R) \hookrightarrow \prod_{i \in I} \hom(M,R) \cong \hom \left(M,R^I\right)$ gives us the embedding $ f \colon \hom(M,R) \otimes F \hookrightarrow \hom\left(M,R^I\right)$ for each $\varphi \in \hom(M,R)$ and $\sum_{i \in I} a_i e_i \in F$ (where $\{e_i | i \in I\}$ is a basis for $F$ and all but a finite number of $a_i$ is $0$) we have that $f(\varphi \otimes (\sum_{i \in I}a_i e_i))$ is the element of $\hom(M,R^I)$ such that for each $m \in M$ $f\left(\varphi \otimes \left(\sum_{i \in I}a_i e_i\right)\right)(m)= (a_i \varphi(m))_{i \in I} \in R^I$ Because just a finite number of $a_i$ is not null we have the $(a_i \varphi(m))_{i \in I} \in \bigoplus_{i \in I}R=F \subseteq R^I$, this said to us that $f(\varphi \otimes (\sum_{i \in I}a_i e_i)) \in \hom(M,F)$ for every $(\varphi \otimes (\sum_{i \in I}a_i e_i)) \in \hom(M,R) \otimes F$ and because this is a set of generators for $\hom(M,R) \otimes F$ this also says to us that $f(v) \in \hom(M,F)$ for every $v \in \hom(M,R) \otimes F$. So the $f$ give rise to a morphism (by restriction of the target of the morphism $f$) $\tilde f \colon \hom(M,R) \otimes F \hookrightarrow \hom(M,F)$ that I think it's your functorial homomorphism, which is a monomorphism.