₹ tanks 45 paise to all-time low of 88.73 against dollar

‘Rupee likely to remain weak as US visa fee hike continue to dampen domestic markets, result in foreign outflows’

- OUR CORRESPONDENT

The rupee depreciated 45 paise to hit an 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 US H-1B visa fee that is expected to give a 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.