The Indian rupee opened lower by 32 paise at 71.65 per dollar on Monday vs. Friday's close 71.33/$.
The local unit closed higher on Friday by 25 paise at 71.33 against the US dollar.
The Reserve Bank of India will announce its first bi-monthly monetary policy post-Budget on Thursday.
Meanwhile, oil prices extended their losses on Monday due worries about lower demand in China, the world's largest oil importer, following a coronavirus outbreak there. Brent crude was at $55.83 a barrel, down 79 cents, or 1.4%.
Besides, foreign institutional investors (FIIs) sold shares worth Rs1,199.5cr and domestic institutional investors (DIIs) bought shares of worth Rs36.6cr, as per provisional data available on the NSE showed.
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