The Indian rupee opened marginally weaker on February 24, pressured by renewed global uncertainty stemming from changes in US tariff policies and persistent dollar demand from domestic importers. The currency started the session at 90.92 per US dollar, down 4 paise from its previous close of 90.88, reflecting fragile sentiment across emerging market currencies.

The move comes amid a broader strengthening of the US dollar as investors reassess global trade risks. The dollar index, which tracks the greenback against a basket of major currencies, edged higher to 97.81, indicating continued preference for safe-haven assets. Weak global risk appetite has traditionally translated into capital outflows from emerging markets, putting downward pressure on currencies such as the rupee.

According to market participants, the immediate trigger has been uncertainty surrounding the tariff framework proposed by the United States. The policy shift has disrupted trade expectations across multiple partner economies, including India, with reports suggesting that several countries have delayed sending official delegations to Washington pending clarity on the new structure. Such delays underscore the potential for prolonged negotiations and heightened volatility in cross-border trade flows.

Domestic factors have compounded the pressure. Persistent dollar demand from importers particularly from energy, electronics, and capital goods sectors has limited the rupee’s ability to recover intraday. Importers typically accelerate dollar purchases during periods of currency weakness to hedge future liabilities, creating a self-reinforcing cycle of depreciation.

At the same time, attention is firmly on the Reserve Bank of India, which market experts believe has been actively intervening to prevent the rupee from breaching the 91-per-dollar threshold. The 91 level is viewed as both a psychological barrier and a signal of external sector stress. Central bank intervention at such levels typically involves selling dollars from foreign exchange reserves to stabilize the domestic currency.

Treasury specialists indicate that while the RBI may be attempting to anchor the rupee near current levels, sustained importer demand could overwhelm these efforts if global conditions worsen. Some dealers note that importers are likely to buy on dips precisely because they expect the central bank to defend the currency, thereby increasing pressure whenever the rupee shows signs of stability.