Rupee seen higher on global risk rally

Rupee seen rising in early trade on Monday continuing its rise in the previous session after China's latest growth data allayed fears of a steeper economic slowdown in the world's largest consumer of raw materials. Pair last closed at 55.14-55.15.

Investors are anxiously watching clues from Federal Reserve this week on its stance over a stronger monetary policy to support the US recovery.

USD/INR 1-month NDF at 55.13 as against NY close at 55.00-05.

Asian stocks trading with cuts with MSCI's Asia ex-Japan index up 0.31%, Nifty futures in Singapore down 0.26%.

The euro and high-beta currencies like the Australian dollar started trading on Monday with a spring in their step, following a rally late last week in part on the back of diminishing worries about China's economic health.