Rupee opens 9 paise down at 88.19 against dollar

Indian rupee

The rupee opened 9 paise down on September 22 as the dollar gained following the Federal Reserve's first rate cut in nine months.

The currency opened at 88.19 against the dollar after ending the previous session at 88.10.

The dollar index, which measures the greenback's against a basket of six major currencies, rose to 97.774 in the early trade from 97.664.

Over the weekend, US President Donald Trump signed a proclamation that hiked to $100,000 the H-1B visa application fee, sending shockwaves among Indians, the largest beneficiaries of the programme.

Indians are the H-1B backbone: about 71 percent of FY2024 approved H-1B petitions were for India-born beneficiaries. Computer-related occupations made up roughly 64 percent of all H-1B approvals. Other fields (engineering, healthcare, etc.) are much smaller in comparison. When you bolt a $100,000 gate onto new petitions and re-entry, you choke the junior pipeline first and concentrate approvals at the very top end (or in exempted sectors).

For Indian professionals: early-career engineers and OPT grads counting on the OPT - H-1B path will face fewer sponsorships. Families planning to travel during visa renewals must watch the timing closely.

For India’s IT services and GCCs: expect a mix shift to offshore delivery and continued growth of Global Capability Centers in India, but onsite rotations (long a career escalator) will be harder to secure.