The rupee was down in afternoon trading on Monday as comfort from positive local equities was offset by caution ahead of a decision on Greece's debt deal expected at 1000 GMT, a move that will decide direction of global markets and the risk appetite.
At 2:06 p.m., the rupee was at 48.83/84 to the dollar after touching 48.60, its highest since September 21. It closed at 48.6850/6950 on Friday.
Greece's coalition members must tell the European Union whether they accept the terms of a new bailout in order to avoid a disorderly default.
The BSE Sensex was up 0.7% after surprisingly robust US jobs data.
Data from the US Labor Department showed 243,000 non-farm jobs were created in January, its fastest pace in nine months, pulling the unemployment rate to an unexpected three-year low of 8.3%.
