The rupee traded at 61.07/08 versus Friday's close of 61.18/19, but off session high of 60.8750 on the back of heavy dollar demand from oil refiners.
Dollar/ rupee, seen in 61.00 to 61.20 range during the rest of the session, had dropped early on tracking dollar's losses versus other Asians and stronger equities.
The Nifty traded up 0.6 percent and is seen limiting any sharp gains in the pair.
The RBI's policy review on Tuesday will be key for near-term cues. The central bank is expected to keep rates on hold.
Copyright: Thomson Reuters 2014
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