Rupee plunges 36ps to all-time low of 88.47/$

Mumbai: The rupee slumped 36paise and closed for the day at an all-time low of 88.47 against the US dollar, as ongoing tariff issue between India and the US weighed heavily on the domestic currency’s vulnerability.

Forex traders said a recovery in the US dollar ahead of the inflation data and foreign fund outflows further dented investors’ sentiments. Crude oil prices also gained over the past few sessions, putting further pressure on the rupee.

Traders noted that the rupee, which showed signs of minor recovery after US President Donald Trump gave positive signals about the India-US trade treaty, remains fragile due to dollar demand and global factors. At the interbank foreign exchange, the domestic unit opened at 88.11 and fell to an all-time low of 88.47 against the US dollar in intraday trade.

The domestic unit settled for the day at a record low of 88.47, registering a sharp decline of 36paise over its previous close.

On Wednesday, the rupee recovered slightly from its record low level and ended with a gain of 4 paise at 88.11 against the US dollar. On September 5, the rupee touched the lowest-ever intraday level of 88.38 but pared all losses before ending at Rs 88.09 against the US dollar.