The Indian rupee collapsed to a fresh all-time low of ₹88.75 against the US dollar on Tuesday, driven by a sharp hike in US H-1B visa fees and sustained foreign fund outflows.
The rupee touched an intraday low of ₹88.80 before closing weaker by 47 paise from the previous day.
Market participants said the visa fee jump — raising applications from about $1,000 to $100,000 for new filings — is fueling concerns for India’s IT sector, remittances, and export earnings.
At the same time, foreign institutional investors have been net sellers in Indian equities, exacerbating pressure on the currency.
Analysts suggest that while the Reserve Bank of India may intervene to stabilize the rupee, near-term downside risks remain high amid global headwinds and policy uncertainty.
#Rupee #INR #Forex #USDRupee #VisaCrisis #ForeignOutflows #IndianEconomy
