Overview

• The rupee fell to roughly 88.80 per dollar intraday and closed near 88.75 on Sep. 23, setting new all‑time lows.
• Traders and banks linked the decline to the new USD 100,000 H‑1B visa fee and higher U.S. tariffs, which threaten India’s IT revenues and remittance inflows.
• Foreign investors offloaded about Rs 2,910 crore of equities on Monday and hedging activity rose, adding to currency pressure.
• Participants reported RBI dollar sales via state‑run banks to curb volatility, with no effort to defend a particular level.
• Markets are watching Federal Reserve remarks and India–U.S. trade discussions in New York for direction, as exporters gain some price edge and import costs climb.