The Indian rupee edged higher in opening trades on Monday amid sustained weakness in dollar overseas and resume of foreign inflows in to Indian markets. INR opened at Rs 90.63 per dollar and steadied around the levels so far during the day. Rupee consolidated in a narrow range and settled for the day 5 paise lower at 90.66 against the US dollar on Friday. Indian shares open on a cautious note Monday even as tame U.S. inflation data underpinned hopes for interest rate cuts. Oil price movements, foreign fund flows, the release of the U.S. Federal Reserve meeting minutes and RBI MPC meeting minutes will be in focus as the week progresses. Asian markets were mostly lower in thin trade this morning, with China, South Korea and Taiwan closed for Lunar New Year holidays. The U.S. markets will also remain shut today for Presidents' Day.