"low, mean, unprincipled, characteristic of a rascal," 1590s, from rascal + -ly (1). The earlier adjective was simply rascal (early 15c.).
Entries linking to rascally
rascal n.
mid-14c., rascaile "people of the lowest class, the general mass; rabble or foot-soldiers of an army" (senses now obsolete), also singular, "low, tricky, dishonest person," from Old French rascaille "rabble, mob" (12c., Modern French racaille), as Cotgrave's French-English Dictionary (1611) defines it: "the rascality or base and rascall sort, the scumme, dregs, offals, outcasts, of any company."
This is of uncertain origin, perhaps a diminutive from Old French rascler, from Vulgar Latin *rasicare "to scrape" (see rash (n.)) on the notion of "the scrapings." "[U]sed in objurgation with much latitude, and often, like rogue, with slight meaning" [Century Dictionary]. Used also in Middle English of animals unfit to chase as game on account of some quality, especially a lean deer. Also formerly an adjective.
-ly 1
suffix forming adjectives from nouns and meaning "having qualities of, of the form or nature of" (manly, lordly), "appropriate to, fitting, suited to" (bodily, earthly, daily); irregularly descended from Old English -lic, from Proto-Germanic *-liko- (Old Frisian -lik, Dutch -lijk, Old High German -lih, German -lich, Old Norse -ligr), related to *likom- "appearance, form" (Old English lich "corpse, body;" see lich, which is a cognate; see also like (adj.), with which it is identical).