<h1>Rupee rises on easing trade tensions; outlook depends on pending trade agreement and sustained central bank support amid outflows</h1> The note addresses recent exchange rate movement, attributing a 17-paise appreciation of the rupee to reduced geopolitical risk and improved investor risk appetite, with the immediate cause being softer US tariff rhetoric; this short-term appreciation is accompanied by ongoing vulnerability due to persistent foreign fund outflows, making external shocks a continuing risk. It identifies the pending trade agreement as a stabilising factor and stresses that sustained central bank support could steer the currency toward a narrower band, while technical resistance near 92.00 constrains upside and consolidation is plausible if risk sentiment stabilises.