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Below the Quote on Rupee by Anindya Banerjee, Head of Currency and Commodity, Kotak Securities 

USD/INR opened higher at 85.87, gaining 18 paise, driven by a fresh wave of U.S. tariff concerns under President Trump. While no new tariffs have been imposed on India, Trump's threats of steep tariffs on the pharmaceutical sector pose a latent risk. Foreign portfolio investors (FPIs) turned positive in the first week of July after net outflows in June, offering some support to the rupee. However, vigilance is warranted as the U.S. Dollar Index strengthens and long-term U.S. and Japanese bond yields surge, potentially sparking risk-off sentiment in global markets. We anticipate USD/INRe to trade within a 85.50–86.50 range on the spot market, with an upward bias. Key support lies at 85.50–85.75, while resistance is near 86.35–86.50. A break above 86.50 could target 87.00

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