The rupee on Monday slipped 15 paise to close at 88.31 (provisional) against the US dollar as investors assessed the impact of the recent hike in H-1B visa fees on Indian remittances and turned risk-averse.
Forex traders said the increase in H-1B visa charges could trigger equity outflows from the Indian IT sector in the near term, adding pressure on the domestic currency.
At the interbank foreign exchange market, the rupee opened at 88.20, touched an intra-day low of 88.34 and a high of 88.12 before settling at 88.31 (provisional), 15 paise weaker than its previous close.