The 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.

Forex traders said rupee 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.

At the interbank foreign exchange, the rupee opened at 88.80 against the US dollar, and finally settled for the day at 88.71 (provisional), registering a recovery of 2 paise over its previous close.

On Tuesday, the rupee depreciated 45 paise to close at a fresh all-time low of 88.73 against the US dolla

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