The rupee opened higher at 54.32/33 levels as regional equities were positive. The pair had closed at 54.47/48 on Friday, while the Asian FX were trading mixed.
"The INR opened positive but also immediately got offered. It seems that the market is front-running for the Bharti Infratel IPO," says private bank dealer.
Parliament will be watched with the banking act amendment bill, a key financial bill, likely to come up for passage.
Bharti Infratel Ltd, the telecommunications tower unit of top phone carrier Bharti Airtel Ltd , is set to raise up to $825 million in what would be the country's biggest initial share offering in two years.