Overview

• The United States’ 50% tariff package on Indian goods is in force, including a targeted 25% levy on India’s purchases of Russian oil.
• The rupee traded at 87.76 per dollar in early Friday dealings after closing at 87.58 on Thursday, with traders watching a likely 87.40–87.90 intraday range.
• Forex traders reported the Reserve Bank of India selling dollars around 87.80 to stem losses, reinforcing a defense that has kept the currency from record lows.
• A softer dollar and lower Brent crude offered some support, with the dollar index easing after President Trump fired Fed Governor Lisa Cook, while equities saw continued volatility.
• FPIs sold Rs 34,733 crore of equities in August, including Rs 3,856.51 crore on Thursday, as the RBI flagged downside risks from U.S. trade policy and the government weighed exporter support such as promotion missions and a loan moratorium.