<h1>Central bank intervenes to calm FX volatility, strengthens reserves while balancing exchange-rate policy against external tariff and rate risks</h1> The central bank intervened in the foreign exchange market to contain volatility as the domestic currency closed modestly stronger, with authorities balancing exchange-rate management against external pressures including potential US trade tariffs and expected US interest-rate easing. Market movements reflected changes in the dollar index, crude and treasury yields, net foreign institutional equity outflows and macro data showing rising wholesale inflation and divergent trade flows. Official reserves rose notably, supporting policy space. Legal and regulatory implications include active foreign-exchange management by the central bank under applicable currency and reserves frameworks and potential trade-law disputes arising from bilateral tariff measures.