Cryptic crossword clue
One retaliating, losing rag even? 7

The most common and most likely answer to this crossword clue is the 7 letter word AVENGER

I've seen this crossword clue in Financial Times
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Buddy explains!

The straight part
We know that "One retaliating" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case one retaliating = avenger.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does AVENGER mean?

AVENGER noun
  1. One who avenges or vindicates
  2. One who takes vengeance.

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