Mumbai

TThe rupee depreciated 45 paise to close at a fresh all-time low of 88.73 against the US dollar on Tuesday, amid sustained outflow of foreign funds on the back of a steep hike in H-1B visa fee that is expected to give big blow to Indian IT services exports.

Forex traders said the rupee dwindled towards record low levels as market participants analysed the likely repercussions of the new $100,000 H-1B visa levy, which could precipitate a slowdown in remittance growth and curtail service exports to the US.Moreover, risk aversion in domestic markets may also pressurise the rupee, they said.

At the interbank foreign exchange, the rupee opened at 88.41, then lost further ground and touched an all-time intraday low of 88.82 against the US dollar, and finally settled for the day at 88.7

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