The Indian rupee moved within a narrow range against the US dollar in early trade on Wednesday, amid risk-off sentiment and rising crude oil prices that continued to pressure the local currency.

At the interbank foreign exchange market, the rupee opened at 86.42 against the US dollar and touched an early high of 86.25, witnessing significant volatility in initial deals.

On Tuesday, the rupee had weakened by 30 paise to settle at 86.34 against the dollar.