I know how to use <- and ->, and there are several writeups on the difference between equals assignment & arrow assignment,
From the answer to an exercise in The New S Language (Becker, Chambers and Wilks 1988), via Google Books:
When you type a long expression only to remember at the end that it would be a good idea to save the result, a right-hand arrow allows you to perform an assignment without retyping the line.
This suggests that S users were working directly in the console, without line-editing capabilities that are available in most modern REPL/interactive environments ...
Some archaeology: I poked around in foundational sources on Google Books. There are three relevant books:
the Blue Book: The New S Language Becker, Chambers and Wilks (Wadsworth and Brooks/Cole 1988, but reissued in 2018!! by CRC Press)
-> in the main text:but it does in the appendix:
-> in the main text:I can't search very much of the book, so -> might also be mentioned in the appendix somewhere.
I interpret the underlined red passages as supporting that there's a typo in the first underlined line, which should be -> rather than ← ...
Here's the screenshot of the exercise answer referred to above:
If you want a copy of the 1985 book you can get it for $34.41 - or $1070.99 (but with free shipping!) ...