Near all-time low! Rupee slips 7 paise to 88.80 against US greenback; depreciation driven by US tariffs, H-1B visa fee hike

Rupee depreciated by 7 paise to 88.80 against the US greenback in early commerce on Wednesday, hovering close to its all-time low amid US tariff considerations, H-1B visa fee hikes, and protracted international fund outflows.At the interbank international alternate, the rupee opened at 88.80 and touched 88.71 in preliminary trades. On Tuesday, it had fallen 45 paise to shut at a contemporary all-time low of 88.73, after hitting an intraday low of 88.82 against the dollar.(*7*) mentioned Anil Kumar Bhansali, head of treasury and government director, Finrex Treasury Advisors LLP.Bhansali famous that the Reserve Bank of India (RBI) has allowed the rupee’s weakening to assist exporters.“We may see new lows this week towards 89.00 before a pullback could be seen to enable importers to buy dollars,” he added, as quoted by PTI.

Forex merchants mentioned the rupee’s fall is fueled by enhanced US tariffs on Indian items, the H-1B visa fee hike, and investor risk-aversion amid commerce coverage uncertainty.

The greenback index, measuring the dollar against a basket of six currencies, was up 0.09% at 97.35. Brent crude rose 0.24% to $ 67.79 per barrel in futures commerce.

The Sensex dropped 380.48 factors to 81,721.62, whereas the Nifty declined 106.45 factors to 25,063.05 in early commerce. Foreign Institutional Investors (FIIs) offloaded equities value Rs 3,551.19 crore on Tuesday, in accordance to alternate information.