)
The rupee is trading at 61.07/08 versus Friday's close of 61.18/19, but off its session high of 60.8750 on the back of heavy dollar demand from oil refiners.
USD/INR, seen in 61.00 to 61.20 range during the rest of the session, had dropped early, tracking dollar's losses versus other Asian currencies and stronger equities.
The Nifty is trading up 0.6% and 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.
