The Indian rupee remained weak at around 88.7 per dollar, hovering near its record low, as mounting pressure from a sharp rise in visa fees and steep US tariffs persisted. US President Trump announced a $100,000 fee on new H-1B visas, with Indians accounting for about 71% of the nearly 400,000 issued in 2024. The measure is expected to slow the movement of Indian workers to the US, weighing heavily on the country’s IT services sector and remittance inflows. This added to the strain from hefty US tariffs on Indian goods, which dampened export prospects and curbed foreign capital inflows. Meanwhile, the Reserve Bank of India likely intervened to ease pressure on the currency, though traders noted it showed little inclination to defend a specific level, suggesting a measured approach that could allow gradual weakening. Elsewhere, market attention remained on the Fed’s policy outlook as Chair Jerome Powell emphasized the need to balance inflation risks against a softening labor market.