Currency Buzz: Rupee tumbles to new record low amid heightened risk-averse sentiment

The Indian rupee tumbled further against the dollar in opening trades on Tuesday to record low levels as investors weighed Trump's H-1B visa fee hike impact on Indian remittances amid heightened risk-averse sentiment. INR commenced at Rs 88.41 per dollar and slumped to a low of 88.56 so far during the day. Indian shares opened on a weak note on Tuesday as investors keep a close eye on ongoing trade talks with the U.S. as well as escalating tensions in Europe and the Middle East, with EU targeting Russian supplies and Ukraine intensifying its attacks on Russian energy infrastructure. Elsewhere, France and ten other countries formally recognized Palestine at a UN summit in New York, amid Israel's ongoing genocide in Gaza. Benchmark indexes Sensex and Nifty fell around half a percent each on Monday, with IT stocks pacing the declines after the Trump administration announced sweeping changes to the H-1B visa regime, including a steep $100,000 fee for new applications. On the NSE, USD/INR futures climbed 0.3% to 88.58.

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