The Indian rupee rose to around 88.5 per USD, attempting to recover from all-time lows after the Reserve Bank of India intervened again to support the currency. The central bank acted in offshore and derivative markets, with thin local liquidity amplifying the impact, while state-run banks sold dollars on its behalf to defend the 88.80 level, consistent with previous interventions. Market sentiment remains anchored on the RBI preventing a move past this level, with support expected to continue until there is clarity on the outcome of US-India trade negotiations, and any signs of weakness could trigger rapid repricing. The modest rebound highlights the RBI’s ongoing role in stabilizing the currency amid persistent dollar demand and broad dollar strength. The rupee has also struggled since steep US tariffs on Indian exports were imposed in late August, keeping the currency pinned near record lows in recent sessions.