Rupee buckles under tariff heat, hits all-time low

THE rupee reached an unprecedented low on Friday, dropping past the 88-per-dollar mark for the first time in history.

- ARSHAD KHAN @New Delhi

The decline came amid heightened worries in the market over the impact of stiff US tariffs on India's exports and subsequently its economic growth.

The local currency hit a low of 88.30 to the dollar, surpassing its prior record of 87.95 set in February. As per traders, an intervention by the central bank through dollar sales helped in partial recovery of rupee. Rupee closed the Friday trading session at a record low of 88.19 (provisional) against the dollar. On Thursday, it had settled at 87.62/$.