Rupee drops to new all-time low of 90.32

The rupee plunged 38 paise to close at an all-time low of 90.32 against the US dollar Thursday amid uncertainty over the India-US trade deal.

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Forex traders said the rupee is expected to trade with a negative bias as the delay in the trade deal between India and the US may continue to dent investor confidence.

Moreover, prevailing risk-averse market sentiment and sustained foreign fund outflows weighed on the local unit. At the interbank foreign exchange, the rupee opened at 89.95 against the US dollar, then lost ground and fell to a record intra-day low of 90.48, registering a 54-paise decline from its previous close.

At the end of Thursday's trading session, the rupee was quoted at 90.32 against the American currency, down 38 paise over its last close.