The rupee is trading at 55.52/54 versus the dollar, in line with Friday's close of 55.54/55, after rising to a session high of 55.26 on dollar selling by exporters and corporates, but global risk aversion hurts demand for risk assets such as the rupee.

The rupee is still well off record low of 56.52 hit on Thursday, as dollar demand from oil firms wanes at the start of the month amid lower crude oil prices.