In an event that could further add to India’s trade imbalance, the rupee fell 47 paise to finish 88.75 (provisional), hitting an all-time low against the USD on September 23, 2025. Sustained outflow of foreign funds amid a steep rise in US H-1B visa fee has contributed to the rupee’s fall. According to forex traders, the market participants evaluated the adverse effect of the new $1 lakh H-1B visa levy on the massive drop in remittance growth and reduced service exports to the US. The rupee opened at 88.41 and touched an all-time intraday low of 88.82 before settling at 88.75.