The rupee closed at a fresh all-time low of 88.10 against the US dollar on Monday, slipping by just 1 paisa amid concerns over Indo-US trade tariffs and strong dollar demand from importers.Currency traders said the domestic unit opened weaker at 88.18 at the interbank foreign exchange market and fell further to touch an intra-day low of 88.33, matching Friday’s record level, PTI reported. Persistent foreign fund outflows added to the pressure on the currency.The rupee, however, recovered slightly from its lowest point, supported by gains in domestic equities. The Sensex advanced 554.84 points to settle at 80,364.49, while the Nifty climbed 198.20 points to 24,625.05.“Rupee recovered from an all-time intraday low due to the strength in domestic markets,” said Anuj Chaudhary, Research Analyst, Currency and Commodities, Mirae Asset ShareKhan.Chaudhary added that the rupee may remain under pressure due to US tariff concerns, foreign institutional investor (FII) outflows and gains in crude oil. FIIs offloaded equities worth Rs 1,429.71 crore on Monday, according to exchange data. Brent crude futures were up 0.99% at $68.15 per barrel.Meanwhile, the dollar index eased 0.14% to 97.63, offering some support to the rupee. The US currency is expected to weaken further as markets factor in the likelihood of a Federal Reserve rate cut in September.On the forex front, the Reserve Bank of India said the country’s reserves fell by $4.386 billion to $690.72 billion for the week ended August 22, after a rise of $1.488 billion in the previous reporting week.Adding a positive note on the domestic economy, the HSBC India Manufacturing Purchasing Managers’ Index (PMI) rose to 59.3 in August from 59.1 in July, signalling the fastest improvement in operating conditions in over 17 years.