Indian Rupee Falls To Record Low Against U.S. Dollar
(RTTNews) - The Indian rupee weakened against the U.S. dollar in the Asian session on Wednesday, due to rising H-1B visa costs and trade tensions between the US and India.
U.S. President Donald Trump accused India and China of being the primary funders of Russia's war in Ukraine through their continued purchase of Russian oil.
Additionally, the Trump administration released a proposal that would rework the H-1B visa selection process to favor higher-skilled and better-paid workers, according to a related Federal Register notice.
Despite the government's announcement of Goods and Services (GST) reforms to increase consumption, foreign investors' enthusiasm for the Indian stock market has been tempered by the US and India's inability to achieve a trade agreement.
Against the U.S. dollar, the rupee declined to a record low of 88.97 from yesterday's closing value of 88.81.
If the rupee extends its downtrend, it is likely to find support around the 89.00 region.
Looking ahead, U.S. MBA mortgage approvals data, U.S. new home sales data for August, U.S. EIA crude oil data and building permits for August are slated for release in the New York session.
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