The rupee was trading at 62.67/68 versus Friday close of 62.66/67 and sharply off the session high of 62.90, its weakest since November 22. Traders said pair likely to trade in a 62.55 to 62.85 range for the rest of the session. Demand for dollars lower in the market with some dealers suspecting oil firms are buying directly from the central bank, though there was no confirmation of the same. The central bank had kept the option of directly financing dollars to oil companies during times of excess stress in the open market. Some long dollar unwinding also happening ahead of the central bank policy meet on Tuesday, dealers said. Domestic shares, which are down 1.5 per cent, will limit the downward pressure on the pair.

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