Wheels are coming off as far as the rupee is concerned. It breached the 88-mark for the first time and settled for an all-time low of 88.19 (provisional) against the USD on August 29, 2025. The rupee recorded a massive fall of 61 paise against the greenback as trade deal tensions escalated between India and the US. According to forex traders, the imposition of a steep 50% tariff by the US has put the rupee under constant pressure. What further compounded the matter were the month-end dollar demand, constant foreign fund outflows, and a negative domestic equity market trend. The rupee opened at 87.73 at the interbank foreign exchange market, slipped to an intra-day low of 88.33, and settled for 88.19, recording a 61-paise dip.