The Indian rupee remains under pressure for the third consecutive day as the domestic currency hit a record low of Rs 88.79 against the US dollar on Wednesday. The weakening of the rupee followed after solid FII outflows, a sharp hike in US H1-B visa fees and RBI's limited intervention.

Earlier, the rupee closed at 88.76 against the dollar on Tuesday, down by 46 paise from the previous close.

Key factors affecting the rupee:

1) FII outflows: Analysts suggest the dominant driving factor impacting the rupee’s weakness has been sustained selling by foreign portfolio investors (FPIs).

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On Tuesday alone, FPIs sold equities worth around Rs 3,551 crore, worsening the position of the Indian currency, as global investors become more cautious amid geopoli

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