Rupee hits fresh all-time low

Mumbai: The rupee declined 15 paise to close at an all-time low of Rs 88.27 against the US dollar amid sustained outflow of foreign funds and fear of additional US tariffs against India. A weak greenback and falling crude oil prices failed to prevent the fall in local unit, forex traders said.

At the interbank foreign exchange, the rupee opened at 88.11 against the US dollar and touched the lowest-ever intra-day level of 88.38 before ending the session at a fresh all-time low closing mark of 88.27, down 15paise from its previous close. The local unit lost 10paise to close at 88.12 against the US dollar on Thursday.

The previous all-time low for the rupee against the US dollar was at 88.15 on September 2. “The rupee fell to its record low on rumour of the Trump administration imposing tariffs on the Indian IT sector, taking shares down and USD/INR pair up.

However, as news agencies denied the rumour, the rupee recovered slightly though the dollar was still well bid at 87.25 levels,” Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.