The rupee dipped to 87.74/USD after Trump’s tariff threat; RBI likely intervened as trade tensions spooked markets.

• Trump’s 25% tariff plan on Indian exports sparked rupee weakness; currency down 2% in 2025 so far.
• RBI likely intervened to manage volatility as the rupee neared February’s all-time low of 87.95/USD.
• Indian stocks fell 0.4%; forward premiums dipped on lower Fed rate-cut bets and swap activity by state-run banks.