The Indian rupee extended gains in opening trades on Monday tracking persistent weakness in greenback and falling international oil prices. INR commenced at Rs 85.48 per dollar and hit a high of 85.45 so far during the day. On Friday, rupee gained for the second consecutive day supported by steady risk appetite and a weaker dollar index. The domestic currency closed 22 paise higher at 85.50 against the dollar as a recovery under 86 mark extended. However, muted start in equities could limit gains in the counter. Investors await a slew of economic reports, with India's May Industrial Production data due out later in the day, followed by the manufacturing Purchasing Managers' Index (PMI) for June on July 1 and the services PMI on July 3. On the NSE, USDINR futures are marginally lower at 85.57.