The Indian rupee recovered 2 paise from its all-time closing low to settle at 88.71 (provisional) against the US dollar on Wednesday, as steep tariffs and H-1B visa related issues kept the domestic unit under pressure. The domestic currency is hovering near its all-time low level on sustained foreign fund outflows amid investors' risk-aversion and trade policy uncertainty. Moreover, enhanced US tariffs on Indian goods as well as trade policy uncertainty exacerbated the rupee's depreciation. Indian shares ended lower for a fourth day running on Wednesday, with trade-related concerns, rising oil prices and continued selling by foreign investors keeping investors on edge. The benchmark BSE Sensex fell 386.47 points, or 0.47 percent, to 81,715.63 while the broader NSE Nifty index dropped 112.60 points, or 0.45 percent, to 25,056.90.

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