MUMBAI, Sep 11: The Indian rupee has slumped 24 paise and closed at an all-time low of 88.35 against the US dollar due to ongoing tariff issues between India and the US.
A recovery in the US dollar ahead of 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.
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.
The domestic unit opened at 88.11 and fell to its lowest-ever intraday level of 88.49 against the US dollar.
On Wednesday, the rupee recovered slightly and ended with a gain of 4 paise at 88.11 against the US dollar.
The unit had recorded its previous all-time low closing level of 88.18 against the dollar on September 1.
The dollar index was up touching almost 98 levels, while Brent oil prices were up keeping the dollar bids on the higher side.
The premiums were also indicating higher due to an increase in interest rate differential between India and the US in the last three days.
The rupee is expected to be in the range of 88.25 to 88.75 on Friday.
On the domestic equity market front, the Sensex climbed 123.58 points to settle at 81,548.73, while the Nifty advanced 32.40 points to 25,005.50.
Foreign Institutional Investors offloaded equities worth Rs 3,472.37 crore on Thursday. (PTI)
