The rupee consolidated in a narrow range and settled for the day higher by just 3 paise at 87.69 (provisional) against the US dollar on Thursday, after President Donald Trump slapped an additional 25 per cent duty – doubling it to 50 per cent – on Indian goods, denting market sentiments, reported PTI.

According to forex traders, weak crude oil prices and a decline in the dollar index supported the rupee. However, muted domestic markets and foreign fund outflows capped sharp gains.

Moreover, Trump's aggressive tariff move, which comes into effect in 21 days, threatens to raise total duties on select Indian exports to as high as 50 per cent – making them among the most heavily taxed US imports globally, further dented market sentiments.