Declining for the third straight session, the rupee tumbled 50 paise to settle at 86.26 (provisional) against the US dollar on Tuesday, logging the maximum single-day loss in nearly three months amid a looming global trade war stoking fears of economic meltdown.
According to forex traders, some recovery in crude oil prices and continued foreign capital outflows also dented sentiments.
Besides, the global markets have been facing extreme volatility following a fresh threat by the US administration to impose a punitive 50 per cent tariff against China's retaliatory 34 per cent import levies on American products, they added.
At the interbank foreign exchange, the rupee opened at 85.89 and swung between a high of 85.82 and a low of 86.29 against the greenback.
The unit ended at 86.26 (provisional), registering a loss of 50 paise from its previous closing level.
It had earlier recorded such a steep loss in one session on January 13 this year, when it had depreciated by 66 paise. -- PTI
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