<h1>RBI intervention likely to keep rupee near key level as tariff threats over oil purchases pressure currency.</h1> The report attributes modest rupee gains to a weakening dollar but stresses that RBI intervention defending the near-88 level, rising Brent crude and net foreign institutional investor outflows limited further appreciation. It emphasises that renewed tariff threats tied to purchases of Russian oil constitute a contingent external risk that could tighten supplies, prompt capital flow shifts, and increase exchange-rate volatility ahead of the central bank's rate decision.