Daijiworld Media Network – Mumbai

Mumbai, Sep 23: The Indian rupee tumbled 47 paise to close at a record low of 88.75 (provisional) against the US dollar on Tuesday, weighed down by persistent foreign fund outflows and fears over the steep hike in the US H-1B visa fee, which could hit India’s IT exports.

At the interbank foreign exchange market, the rupee opened at 88.41, slid to an all-time intraday low of 88.82, and finally settled at 88.75, down 47 paise from Monday’s close of 88.28. On Monday, the currency had already weakened by 12 paise.

Forex traders said the sudden $100,000 H-1B visa levy is expected to slow remittance growth and curb Indian service exports to the US, triggering risk aversion and sustained foreign outflows.

“We expect the rupee to remain weak as the US visa fe

See Full Page