Rupee hits new low of 88.19 amid trade uncertainties
The rupee slumped to an all-time closing low of 88.19 (provisional) against the US dollar on Monday, depreciating 10 paise, driven by uncertainties surrounding the Indo-US trade deal and heightened dollar demand from importers.
The rupee opened weak at 88.18 in the interbank foreign exchange market and touched an intra-day low of 88.33, matching its previous record low. Forex traders attributed the decline to persistent foreign fund outflows and concerns over India's trade deficit, exacerbated by additional US trade tariffs on India. Despite the intra-day low, the rupee staged a partial recovery, supported by robust domestic equity markets.
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