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Forex merchants mentioned the rupee dwindled in direction of report low ranges as market members analysed the possible repercussions of the brand new $100,000 H-1B visa levy, which might precipitate a slowdown in remittance progress and curtail service exports to the U.S.
Moreover, danger aversion in home markets may additionally pressurise the rupee, they mentioned.
At the interbank international trade, the rupee opened at 88.41, then misplaced additional floor and touched an all-time intraday low of 88.82 towards the U.S. greenback, and at last settled for the day at 88.75 (provisional), registering a decline of 47 paise over its earlier shut.
On Monday, the rupee depreciated by 12 paise to shut at 88.28 towards the U.S. greenback.
“We count on the rupee to stay weak because the US visa price hike challenge could proceed to dampen home market sentiments and should end in international outflows. However, total weak spot in international crude oil costs could assist the home foreign money,” mentioned Anuj Choudhary, Research Analyst, Currency and Commodities, Mirae Asset ShareKhan.
Choudhary additional famous that any intervention by the Reserve Bank of India (RBI) could assist the rupee at decrease ranges.
“Traders could take cues from PMI and present account stability information from the US. Traders may additionally take cues from US President Donald Trump and Fed Chair Jerome Powell’s speech,” Choudhary mentioned, including that USD-INR spot value is anticipated to commerce in a variety of 88.45 to 89.20.
Meanwhile, the greenback index, which gauges the dollar’s energy towards a basket of six currencies, was buying and selling 0.06 per cent decrease at 97.28.
Brent crude, the worldwide oil benchmark, was buying and selling 0.41% greater at $66.84 per barrel in futures commerce.
Published – September 23, 2025 10:10 am IST
