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of <h1>Rupee slips 15 paise to 88.31 as H-1B fee hike fears, equity outflows and risk aversion weigh; reserves rise</h1> The Indian rupee weakened 15 paise to 88.31 against the US dollar as markets priced in the impact of a US administration H-1B visa fee increase, which market participants say could trigger equity outflows from the domestic IT sector and pressure the currency; risk-averse sentiment and equity declines also weighed on the rupee. The Reserve Bank-reported forex reserves rose to about USD 703 billion. Analysts forecast a USD/INR spot range of 88.05-88.60. Concurrently, an Indian ministerial trade delegation is traveling to the US for negotiations on a bilateral trade agreement.
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