Rupee and Indian equities show a stronger correlation as muted flows and U.S. tariff concerns weigh on investor sentiment.

• Rupee-Nifty 50 correlation at 0.66, highest since May; both markets move rangebound amid weak foreign inflows.
• Rupee dips to 86.20/USD; Nifty down 0.6% led by losses in financial stocks, diverging from Asian peers.
• Market volatility gauges fall; U.S.-India trade deal outcome seen as key trigger for breaking current range.