Rupee in Monday's session opened higher at 71.34 versus previous close of 71.40 per US dollar. At 9:37 am, the local currency traded at 71.33 against the greenback.
Oil prices continued their falling streak on oversupply concerns and receded from January's peak levels of above $70 after the outbreak of Coronavirus hit demand in China. Brent crude slumped to a low of $53.63 per barrel and 0100 GMT traded at $54.09. U.S. West Texas Intermediate also fell to $49.94, declining 38 cents, after hitting a low of $49.56.
In the bond market, the yield on 10-year benchmark bonds has fallen down to 6.427%.
On Friday, the RBI announced to carry out two long-term repo operations or LTRO on January 17 and January 24 for Rs. 50,000 crore.
Meanwhile, Sensex is trading below 41000 levels at 40974.71, declining 167.14 or 0.41%, while Nifty was below 12500.