Mumbai: The rupee traded in a narrow range and fell 5 paise to 88.77 against the US dollar in early trade on Monday, tracking the broad strength of the American currency amid a risk-off tone globally.

Forex traders said the rupee is hovering near its all-time closing low level as the RBI is monitoring the depreciation of the USDINR pair towards 88.80.

At the interbank foreign exchange market, the rupee opened at 88.75, the fell to 88.77 against the greenback, registering a fall of 5 paise from its previous close.

On Friday, the rupee had settled at 88.72 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 98.93.

Brent crude, the global oil benchmark, rose 1.50 per cent to USD 63.67 per barr

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