<h1>US imposes up to 50% tariffs on most Indian exports, hurting rupee, equities and prompting trade dispute risks</h1> The US government implemented additional tariffs of up to 50% on most exports from India, effective Wednesday, prompting market concern and constraining gains in the Indian rupee despite a weaker dollar and lower crude prices; the rupee closed at 87.58 per dollar. Markets reacted with domestic equity declines and significant foreign institutional equity sell-offs. Observers cited potential implications of US executive action affecting central bank independence as weighing on the dollar. The tariff measure creates immediate trade-restriction compliance and economic exposure for exporters and may prompt legal, tariff-dispute or retaliatory trade considerations between the two jurisdictions.