Rupee opens flat at 88.75 as US visa fee hike worries persist

Indian rupee

The rupee opened almost flat on September 24, a day after hitting a new low, as US’ decision to hike H-1B visa remains a big worry while tracking weakness in Asian currencies.

The rupee opened at 88.7450 against the dollar after ending the previous session at 88.7562.

The weakness is in-line with its other Asian currencies. The Thai Baht was down 0.33 percent, Japanese Yen and Philippine Peso 0.12 percent each and Singapore and Taiwanese dollars declined 0.08 percent each, according to the Bloomberg data.

"With the resistance at 88.40 now broken, USDINR could extend toward 89–89.10. Still, this uptrend looks temporary, driven mainly by tariffs and higher US visa fees, while the dollar itself stays weak.

“The rupee remains supported by strong domestic fundamentals, stable oil prices, and ongoing US trade talks, and any progress on this front could trigger a sharp rebound," Amit Pabari, managing director at CR Forex Advisors.

On September 23, the rupee ended at a record low of 88.7562 against the dollar.

The hike in fresh H-1B visa fee from next year has sparked worries over lower remittances, and potential equity outflows from India’s IT sector, which could be a double hit that the rupee can ill afford when foreign inflows are weak. FPIs have sold more than $15 billion worth of Indian equities so far in 2025.

(With agency inputs)