Mumbai: The rupee traded almost flat at 88.78 in the early session on Friday, hovering near all-time lows against the US dollar due to a stronger greenback in the overseas markets.

Forex traders said the rupee is expected to trade in a narrow range with a chance of breaking the all-time closing low level of 88.80 in the absence of RBI intervention.

At the interbank foreign exchange market, the rupee opened lower at 88.80 but soon recovered to touch 88.78 against the US dollar, registering a gain of 1 paise from its previous close. On Thursday, the rupee closed at 88.79 against the greenback.

Traders said a strong US dollar and importer demand weighed on the rupee. However, strength in the domestic markets and overnight decline in crude oil prices cushioned the downside.

"The RBI is exp

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