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The rupee is trading at 58.43/44 versus its Friday's close of 58.52/53, tracking gains in the domestic sharemarket ahead of prime minister designate Narendra Modi's swearing in ceremony later in the day.
Traders are keenly awaiting the allotment of cabinet portfolios.
The pair is seen holding in a 58.30 to 58.60 range during the session.
The BSE Sensex is trading up 1.3%.
Gains in other Asian currencies versus the dollar also likely hurt the pair.
Traders will, however, remain watchful of RBI intervention to buy dollars in case the pair slips sharply.
