Rupee Hits Record Low of 88.75 Against US Dollar

The Indian rupee hit a record low of 88.75 against the US dollar on Tuesday, driven by concerns over the US hike in H-1B visa fees for new applicants and continued foreign portfolio investor outflows. The currency fell 44 paise, touching an intraday low of 88.80, marking its second consecutive day of depreciation and weakest performance among Asian currencies. Analysts cite external pressures, remittance slowdown, and trade uncertainties as key factors. Despite RBI interventions and strong domestic data, the rupee may remain under pressure near-term, trading within 88.00–89.50, with slight upside possible from FPI inflows and USD sentiment.