The Indian rupee nudged higher on Friday, supported by likely intervention from the Reserve Bank of India, but still logged its worst weekly drop since late 2022 due to worries over U.S. tariffs and sustained foreign portfolio outflows.

According to the Bloomberg data, Indian rupee has depreciated 0.83 percent in last two weeks. On a year-to-date basis, the local currency is under pressure and second worst performing among Asian peers.

US President Donald Trump’s surprise tariff announcement is set to weigh on the Reserve Bank of India’s monetary policy decision next week even as a final word on the trade deal is awaited.