Rupee slumps 43 paise to close at all-time low

HITS 90/USD INTRA-DAY; CLOSES AT 89.96

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MUMBAI: The rupee hit the psychological 90-a-dollar level in intraday trade before settling 43 paise down at an all-time low of 89.96 against the US dollar on Tuesday, largely owing to continued short coering from speculators and sustained importer demand for the American currency.

Forex traders said multiple pressures, like foreign fund outflows from equities and lingering uncertainty over the Indo-US trade deal, are keeping investor sentiment fragile.

‘At the interbank foreign exchange market, the rupee opened at 89.70, then lost its ground and fell to a record intraday low of 90.00 against the US dollar, down 47 paise over its previous close.