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The rupee is trading at 62.0975 vs Friday's close of 62.0250/0350.
The Indian unit recovered early losses after falling to a multi-month low of 62.25.
Shares lent support as Nifty struck another all-time high before trading flat.
Caution was seen a day ahead of the RBI's policy review.
Asian currencies are trading weaker on plunging oil prices and broad dollar strength.
Dollar topped 119 yen to its highest since July 2007.
