The Indian rupee strengthened to 90.5 per USD, rebounding from the record-low of 92 touched on January 28th after the US lowered their tariffs against India. US President Trump and Indian Prime Minister Modi agreed on a deal to slash tariffs on India to 18% from the current level of 50% after Modi claimed that India would stop buying Russian oil. The moves were set to improve the export outlook for Indian textiles, machinery, and raw materials that are commonly shipped to the US, taming the imbalance in forex flows to India that pressured the currency in recent quarters. The rupee reached a record low last week as the rebound in oil prices increased domestic dollar demand for major energy importers. This was then magnified by the record-setting INR 17.2 trillion in borrowing penned in the new federal budget.