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Mumbai, Nov 13 (PTI) The rupee traded in a narrow range and depreciated by 7 paise to 88.69 against the US dollar in early trade on Thursday, as strong US dollar index and a muted trend in domestic equities weighed on investors’ sentiment.

Forex traders said the rupee is trading in a tight range, with renewed optimism over US-India trade talks providing a steady anchor. In contrast, a steady US dollar index dented investors’ sentiment.

The US dollar index is hovering near 99.50, as the market braced for the final chapter of the US government shutdown saga.

At the interbank foreign exchange market, the rupee opened at 88.66 against the US dollar before dropping to 88.69, down 7 paise from its previous close.

On Wednesday, the rupee depreciated 12 paise to close

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