The rupee today fell by 16 paise to 44.60 against US Dollar in the early trade, as against its previous close of 44.44. Later, it moved in a narrow range between 44.55 and 44.60 in mid-morning session. Currently, it is trading lower at 44.58 per USD on renewed demand for dollar by local operators.The rupee depreciated today on capital outflows by foreign funds from equities and with the dollar gaining overseas.