The Indian rupee depreciated 47 paise to hit an all-time low of 88.75 (provisional) 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. The INR tumbled towards record low levels as market participants analysed the likely repercussions of the new USD 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. Indian shares cut early losses to end on a flat note on Tuesday. The benchmark BSE Sensex fluctuated before ending the session down 57.87 points, or 0.07 percent, at 82,102.10. The broader NSE Nifty index slid 32.85 points, or 0.13 percent, to 25,169.50.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
