<h1>Finance minister vows action as rupee weakens amid US tariffs; RBI intervenes while GST slabs cut to 5% and 18%</h1> The finance minister said the government is closely monitoring exchange rates as the rupee has weakened notably against a stronger US dollar, a trend seen across several currencies; recent depreciation to record lows followed concerns over steep US tariffs and prompted Reserve Bank intervention via state-run banks to limit losses. The US tariffs, including significant penalties tied to Russian oil purchases, target multiple Indian export sectors. Separately, a major reform of the goods and services tax will take effect from September 22, consolidating slabs to 5% for common goods and 18% for others, eliminating 12% and 28% rates, exempting some staples, and aiming to deliver price reductions with the finance minister overseeing pass-through.