The rupee weakened to 86.23/USD on U.S. tariff threats, portfolio outflows, and cautious RBI intervention in currency markets.

• Trump hinted at 20%-25% tariffs on Indian exports, triggering market worries and pressuring the rupee downward.
• RBI likely intervened to curb steep losses, but firm support remains unlikely amid broader global uncertainty.
• Foreign investors sold over $1.5 billion in Indian equities in July, deepening pressure on the rupee's performance.