Rupee Falls 33 Paisa To Close At All-Time Low Of 88.44 Against US Dollar

Rupee fell 33 paise to close at an all-time low against the US dollar on Thursday. The rupee touched 88.37 against USD as tariff pressures from the US undermine India's trade and flows outlook. 

The Indian currency breached the previous all-time low of 88.36, recorded last Friday. The currency remained range bound in recent sessions, unable to move beyond 88.20 and 87.95 levels, as traders awaited progress in tariff talks between India and the United States.

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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 (provisional), registering a sharp decline of 36 paise over its previous close.

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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. The unit had recorded its all-time low closing level of 88.15 against the dollar on September 2.

(With PTI inputs)