The rupee gained 2% last week, its strongest weekly performance since March, and closed at 94.96 per US dollar on Friday.
The RBI has introduced measures affecting foreign-exchange transactions and established a facility to supply dollars directly to state-run oil companies. Traders expect these measures to provide some support to the currency.
However, elevated oil prices and uncertainty in global markets remain risks. Indian government bond yields may also face pressure amid concerns about inflation and expectations of further interest-rate increases.
Indian financial markets will be closed on Tuesday for a local holiday. Oil prices and foreign portfolio flows are expected to remain key market drivers.
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