Indian rupee ended at record closing low against the US dollar on Friday amid sustained outflow of foreign funds and fear of additional US tariffs against India. A weak greenback and falling crude oil prices failed to prevent the fall in local unit. Traders remained cautious as the State Bank of India (SBI) in its latest research report stated that reforms in GST through reduction in rates will cause a minimal revenue loss of Rs 3,700 crore. The government estimates the net fiscal impact of GST rates rationalisation will be Rs 48,000 crore on an annualised basis. On the global front, the dollar declined versus major peers on Friday, as investors awaited the release of hotly-anticipated job market data and assessed the likelihood of a Federal Reserve interest rate reduction later this month.  

Finally, the rupee ended at 88.25 (Provisional), depreciated by 13 paise from its previous close of 88.12 on Thursday. The currency touched a high and low of 88.38 and 88.10 respectively.