The Indian rupee traded around 87.7 per USD, holding near a one-month high as markets returned from a two-day break to signs of improving US–India trade ties. Reports suggest the two countries are close to a deal that would cut US tariffs on Indian imports to around 15%–16%, down from about 50%, with energy and agriculture central to the talks. As part of the possible agreement, which could be announced at the upcoming ASEAN summit, India may gradually reduce its Russian oil purchases while opening the door to more US corn and soymeal. The upside in the rupee was also aided by intervention from state-run banks via dollar sales, likely on behalf of the Reserve Bank of India. Last week, the central bank intervened aggressively in the foreign exchange market, conducting at least two operations to lift the rupee from record lows.