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The rupee opened on a cautious note and fell 10 paise to 68.54 against the US dollar in early trade Friday ahead of the release of key macro-economic data. Forex traders said the rupee is trading in a narrow range ahead of the release of retail inflation and factory output data. Besides, the weakening of the greenback vis-a-vis other currencies overseas supported the local unit. However, rising crude oil prices, foreign fund outflows and cautious opening in domestic equities weighed on the domestic currency. At the Interbank Foreign Exchange, the rupee opened at 68.48 then fell to 68.54 against the US dollar, showing a decline of 10 paise over its previous closing. The Indian rupee Thursday had closed at 68.44 against the US dollar.