Traders expect the partially convertible rupee to open around 59.60/65 levels and trade in a 59.50-60.00 band for the day.
Indian shares are seen surging to a record high and the rupee could hit a new multi-month high when trading opens on Tuesday after exit polls showed Bharatiya Janata Party and its allies winning a majority in the country's elections.
The Indian rupee fell slightly on Monday, retreating from a nearly 10-month high hit earlier in the session, on the back of suspected heavy dollar buying by the central bank ahead of exit polls due out later in the day.
In the offshore NDF market in New York, 1 month USD/INR fell to a low 59.60 before bouncing back to 59.75/80.
The pair trading at 59.62/64 in the spot NDF market in Singapore.