<h1>Rupee plunges to record 88.76 per dollar after steep U.S. H-1B visa fee hike hits remittances, IT exports, markets</h1> The rupee fell sharply to an all-time low of 88.76 per US dollar, weakening 48 paise in afternoon trade after markets reacted to the U.S. president's steep H-1B visa fee increase. Traders said the levy risks reducing remittances and curtailing IT service exports to the U.S., creating dual pressure on the currency amid already weak foreign inflows. Equity markets saw significant outflows and declines, with institutional investors offloading about Rs 2,910 crore and major indices slipping, while the dollar index ticked higher and global risk aversion and trade policy uncertainty compounded the rupee's depreciation.