At 9:15 am, the partially convertible rupee was at 51.4950/5150 per dollar, compared with Friday's close of 51.3350/3450, after touching 51.5400, a level last seen on March 16, 2009.

Traders expect the rupee to move in a 51.35 to 51.65 range with the next near-term target at 52.2, which is the rupee's record low.

The BSE Sensex opened down 0.5%.

Traders said oil refiners, the largest buyers of dollars in the domestic currency market, would likely step in to cover import commitments around current levels, pressuring the rupee.

The euro got off to a subdued start in Asia on Monday after a short-covering squeeze late last week ran out of steam and news of an overwhelming election victory for Spain's centre-right opposition was greeted with cautious optimism.

The euro was trading at USD 1.3529, from USD 1.3520 on Friday, while the index of the dollar index was at 78.008 points from 77.970 points.