The rupee breached the 88-mark for the first time and closed at an all-time low of 88.19 against the US dollar on Friday, registering a sharp decline of 61 paise amid heightened Indo-US trade deal tensions.

Forex traders said the rupee is under persistent pressure amid the imposition of steep tariffs by the US compounded with persistent foreign fund outflows and month-end dollar demand. Moreover, a negative trend in domestic equities dented market sentiments. At the interbank foreign exchange market, the rupee opened at 87.73 against the US dollar, then lost ground and fell to an intra-day low of 88.33.