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The previous low was 88.47 on September 11. Traders are expecting the pressure on the rupee to continue, with a level under 90 not very far off.

Communication sent to staff by Amazon, Facebook and Microsoft urged employees to stay put in the US while asking those outside to return before the deadline.

The debate has gained traction amid speculation that Trump could target H-1B visas next which allow thousands of Indian engineers and IT professionals to work in the United States.

Critics warned of a potential crisis for the US technology sector's competitive edge with Trump's new plan to impose the "staggering" H1-B fee.

Since FY21, the US has been the largest source of remittances for the country, with a share of 27.7% in FY24, up from 23.4% in FY21.

A bleak job market, AI dominance & visa complications are forcing students with a foreign degree to return to home turf