Mumbai, Aug 29: The rupee breached the 88-mark for the first time and closed at an all-time low of 88.09 against the US dollar on Friday, registering a sharp decline of 51 paise amid a massive outflow of foreign funds and heightened tensions over a trade deal between India and the US.
Forex traders said the rupee is under persistent pressure amid the imposition of steep tariffs by the US compounded with persistent foreign fund outflows and month-end dollar demand.
Moreover, a negative trend in domestic equities dented market sentiments.
At the interbank foreign exchange market, the rupee opened at 87.73 against the US dollar, then lost ground and fell to its lowest-ever intra-day level of 88.33. The domestic unit settled for the day at an all-time low of 88.09 against the greenback, registering a sharp fall of 51 paise over its previous close.
This is the first time the rupee has breached the 88/US dollar level. Its previous lowest-ever closing level was recorded at 87.88 on August 5 this year, while the earlier record of intra-day low was seen on February 10 when the unit had touched 87.95 against the greenback. (PTI)
