The rupee traded in a narrow range and fell 2 paise to 94.97 against the US dollar in early trade on Wednesday, amid renewed US-Iran tensions, higher oil prices and rising Treasury yields.
Forex traders said the RBI is keeping a tab on the rupee's fall as Brent crude prices have risen to USD 95 per barrel and dollar index is hovering around 99.70 on a bout of risk aversion on renewed US-Iran tensions.