<h1>Currency volatility rises as tariffs stoke trade war fears, prompting central bank intervention to stabilise the exchange rate.</h1> The rupee hit a record closing low driven by trade policy shocks, a stronger dollar, foreign fund outflows and higher oil prices. Stabilisation rests on the Reserve Bank's interventions and the country's forex reserves; authorities characterise the rupee as a free float and say volatility is being managed through market operations.