The Indian rupee fell to ₹87.13/USD, the lowest level in four months.

Pressure rose after U.S. President Trump hinted at 25% tariffs on Indian steel exports.

Foreign investors sold $689 million in equities and $66.4 million in bonds in one day.

The RBI reportedly intervened to curb losses by selling dollars in the forex market.

Traders expect short-term volatility until the U.S. Fed's rate announcement this week.

India’s trade surplus with the US remains a key trigger in the tariff battle.

The dollar index rose to 105.4, making other emerging market currencies weak too.

Crude oil at $84/barrel added pressure on India’s import bill and rupee.

Economists see the rupee at ₹87.50–₹88.00 if global tension escalates.