Rupee slides steepest in over three years

The rupee plunged 89 paise, logging its steepest single-day fall in over three years, and closed at an all-time low of 87.80 against US dollar Wednesday after America announced a sweeping 25 per cent tariff on Indian imports in the absence of a trade deal ahead of August 1 deadline.

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Forex traders said month-end dollar demand from importers and sustained foreign fund outflows also weighed on the local unit. At the interbank foreign exchange, the domestic unit opened at 87.10 and touched an intra-day low of 87.05 against the greenback.