Reuters Market Eye - The rupee is trading at 58.86/87 versus its Friday's close of 58.52/53, after falling as low as 58.93 tracking losses in the domestic share market and on some dollar short-covering ahead of Narendra Modi's swearing-in ceremony.
The rupee is way off the session high of 58.41 after the Reserve Bank stepped up dollar purchases to limit sharp gains in the local currency.
Nifty ends down 0.11 percent.
Dealers are also awaiting details on the cabinet portfolios which are likely to be announced later in the day.
(Reporting by Swati Bhat)