The Indian rupee moved in a narrow range and appreciated by 6 paise to 88.67 against the US dollar in early trade on Tuesday. The domestic currency found support from the weaker greenback, as concerns over the long-term outlook of the US economy weighed on the dollar.
According to forex traders, a subdued performance in domestic equities and foreign fund outflows limited the rupee’s gains.
At the interbank foreign exchange market, the rupee opened at 88.79 against the dollar and later strengthened to 88.67, marking a 6-paise rise from its previous close.