The Indian rupee slipped to a fresh all-time low on Tuesday, weighed down by the recent US visa fee hike, subdued foreign equity flows, and a rise in hedging activity.

The currency fell to 88.4850 against the U.S. dollar, breaching its previous record of 88.4550 touched earlier this month. Traders noted that the Reserve Bank of India (RBI) likely stepped in through state-run banks after the rupee hit the new low.

The decline came despite the dollar easing slightly in Asian trade. The one-month non-deliverable forward (NDF) market had already signalled a weaker opening, with contracts pricing the rupee around 88.31–88.32 levels.

Pressure from US policy moves

The rupee’s weakness was attributed largely to Washington’s protectionist stance. The U.S. has imposed higher tariffs on Indian ex

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