Mumbai: The rupee traded in a narrow range and fell 3 paise to 88.78 against the US dollar in early trade on Thursday, as investors are watching US fiscal developments, trade tariff issues and FPI trends for further cues.

Forex traders said all positive trends in domestic equities supported the rupee at lower levels.

At the interbank foreign exchange market, the rupee opened at 88.76 and then lost ground to touch 88.78 against the US dollar, registering a decline of 3 paise from its previous close.

On Wednesday, the rupee closed at 88.75 against the greenback. The Indian rupee is expected to trade in the narrow range of 88.70 to 88.80 with FPIs buying around USD 10.2 million mainly on account of investment in the IPOs, said Anil Kumar Bhansali, Head of Treasury and Executive Director, F

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