The rupee fell to a record low of 88.29 against the dollar in afternoon trade, breaking the earlier all-time low of 87.95, as foreign outflows and tariff concerns weighed on sentiment across emerging markets. The currency has dropped nearly 1% in August and about 3% since the start of 2025.The latest trigger was Washington’s decision this week to impose an additional 25% tariffs on Indian goods, doubling overall duties to 50%. The move has sharpened worries over export competitiveness at a time when global demand remains weak.
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