The trading range for the Spot USD/INR pair is expected to be within 66.20 to 67.00.
Both crude benchmarks are now down around 20 per cent since their last peak in June
Weakness of dollar in the overseas market also boosted the rupee value.
Profit-booking and selling pressure on below-normal monsoon forecast, marred sentiments, traders said.
Rupee is under pressure against the dollar say currency watchers.
The rupee had jumped by 164 paise or 2.39 per cent in previous six trading days.
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On Friday, the rupee had gained 9 paise to close at a fresh one-week high of 67.08.
The rupee on Monday ended lower by 23 paise to close at an over two-week low of 67.31 against the US currency.
The domestic currency has dropped by 62 paise or 0.93 per cent in four trading days.
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The Rupee is seen strengthening against the dollar.
The dollar strengthened against major world currencies.
Indian companies place orders worth $600 million for US crude, which is likely to increase by nearly $2 billion in the near future.
Snapping its 3-day winning spree against the American currency, the rupee on Wednesday dropped by 21 paise to end at 66.64 on fag-end dollar demand from banks and importers despite a sharp rally in domestic equities.
The President said he made the decision in consultation with European allies but added they may not be in a position to join the US in banning Russian energy imports.
Increased month-end demand for the US currency from importers put pressure on the rupee
India's foreign exchange reserves declined by a whopping $4.343 billion to $367.646 billion.
Good foreign capital inflows failed to restrict the rupee's fall against the dollar
Weakness of dollar in the global markets and foreign capital outflows also affected the rupee sentiment.
The rupee on Monday slipped by 5 paise to close at 63.57 per dollar on fresh demand for the American currency from banks.
Oil prices have already fallen over 70 per cent since the downturn began in mid-2014.
The broader markets are, however, outperforming the larger peer.
The 50-share NSE Nifty ended up 37.05 points, or 0.36 per cent, at 10,397.45 points
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
Prime Minister Narendra Modi on Saturday offered prayers at a Matua temple in Bangladesh's Orakandi, the birthplace of Hindu mystic figure and Matua community's spiritual guru Harichand Thakur.
"Under different scenarios, we see the impact of higher crude prices ranging from $25 billion to a maximum of $50 billion on the oil import bill. The increase in the oil import bill will also affect the current account deficit," economic affairs secretary S C Garg said in a conference on Friday.
The rupee had last ended at 67.22 per dollar on March 16, 2016.
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Even if the central bank doesn't pull the trigger later, it is still expected to by the end of the year.
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