The rupee is supported by strong foreign inflows that helped push up the BSE and Nifty indexes to record highs on Tuesday, but traders expect more narrow ranges given the lack of specific domestic triggers.
Global factors will also be key this week, ahead of the Federal Reserve's two-day meeting ending on Wednesday, continued political tensions in Ukraine, and a weakening yuan currency in China.
The rupee closed at 61.19/20 per dollar, unchanged from Friday. The rupee earlier rose to as high as 60.88 per dollar in early trade, its highest since March 11, as foreign investors continued to pour money into the market in the lead-up to general elections.
Overseas funds were net buyers of $160.6 million worth of shares on Friday, marking their 20th net buying session in the previous 21, for a net total of $1.6 billion, exchange and regulatory data shows.
In the offshore non-deliverable forwards, the one-month contract was at 61.67 while the three-month was at 62.42.