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<h1>Currency volatility: rupee retreats on FII outflows and tariff uncertainty, RBI liquidity measures provide limited support.</h1> The rupee fell six paise to settle at 87.12 against the US dollar as FII selling and trade tariff uncertainty outweighed early gains from a US tariff delay and RBI liquidity injections. The currency traded intraday between 86.88 and 87.16. RBI open market purchases and USD/INR swaps totalling about Rs 1.9 lakh crore, along with a recent USD/INR swap auction, were cited as liquidity measures that limited losses, while analysts forecast a slight positive bias but warned FII outflows could constrain sharp appreciation, expecting a range of 86.80-87.25.