Indian rupee seen higher but stocks, oil watched

MUMBAI, July 7 (Reuters) - The Indian rupee may strengthen on Monday, taking cues from a rise in some Asian stock markets but high oil prices will keep gains limited.

* Oil CLc1, India's biggest import, was trading around $144 a barrel, close to a record high hit on Thursday. [O/R].

* The partially convertible rupee <INR=IN> ended at 43.15/16 per dollar on Friday, 0.3 percent stronger than Thursday's close of 43.30/31. It hit a 15-month low of 43.50 last week, and is down 8.7 percent this year.

* Indian shares rose 2.8 percent on Friday as investors picked bargains in the battered market after political worries eased, but the outlook was grim due to inflation and high oil prices. [.BO]

* Foreign funds have sold a net $6.6 billion worth of Indian stocks so far this year. In 2007, they had bought a record $17.4 billion, helping the benchmark index rise 47 percent. (Reporting by Saikat Chatterjee; Editing by Ranjit Gangadharan)