The rupee rebounded from a record low level and gained 21 paise to 88.56 against the US dollar in early trade on Tuesday on the back of lower crude oil prices overseas.

The Indian currency, however, remained under pressure due to a strong dollar and outflow of foreign funds from capital market, forex traders said.

At the interbank foreign exchange, the rupee opened at 88.55 and then traded at 88.56 against the greenback in early deals, sharply higher by 21 paise from its previous closing level.

On Monday, the domestic unit, declining for the third consecutive session, ended 7 paise lower at 88.77 against the US dollar, near its all-time closing level.

The rupee had recorded its lowest-ever closing level of 88.81 against the dollar on October 14.

Meanwhile, the dollar index, which gaug

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