The Indian rupee appreciated to around 90.5 per dollar, rebounding from record lows, as the central bank stepped in to support the currency. State-run banks sold dollars aggressively on behalf of the Reserve Bank of India, triggering a sharp intraday recovery after the rupee briefly slipped past the 91 level. The central bank’s swift action, similar to forceful interventions seen in recent months, was aimed at breaking the rupee’s one-way decline. The move followed heavy recent losses driven by portfolio outflows and persistent dollar demand that left the currency looking overstretched. The rupee has dropped more than 6% this year, making it one of the worst-performing emerging market currencies, as steep US tariffs weighed on trade and investment flows. The currency is still expected to remain under pressure until there is progress in US trade negotiations. India’s trade secretary said that the country is engaging with the US to see if a deal can be reached “sooner than later.”