The rupee traded in a narrow range on Monday morning and fell 5 paise to 88.21 against the US dollar, pressured by the strength of the American currency in overseas markets and a weak trend in domestic equities.
Forex traders noted that the recent hike in H-1B visa fees to USD 100,000 per year could impact the IT sector, potentially affecting margins and remittances due to slower employee deployments to the US.
At the interbank foreign exchange market, the rupee opened at 88.20 before declining to 88.21, down 5 paise from the previous close.