The rupee weakened by 5 paise to 88.16 against the US dollar in early trade on Thursday as investors awaited fresh cues from ongoing India-US trade talks.
According to forex traders, the local currency found some support from renewed optimism over a potential trade deal but is likely to move within a narrow range of 87.50–88.40 in the near term.
At the interbank foreign exchange market, the rupee opened at 88.11 before slipping to an early low of 88.16 against the greenback, down 5 paise from its previous close.