23 Feb , 2026 By : Debdeep Gupta
The Indian rupee rose nearly 20 paisa on February 23, as the dollar dipped overnight, as the United States Supreme Court struck down President Donald Trump’s tariffs, although market participants continued to keep an eye on further developments on the trade deal announced by both countries.
The local currency was trading at Rs 90.76 to the dollar, as compared to 90.9825 on Friday.
Late on Friday, the US Supreme Court delivered a judgment striking Trump’s tariffs levies to be unconstitutional, saying that the imposition of sweeping global tariffs on almost every trading partner exceeded his federal power.
However, soon after, Trump signed an executive order stating a 10 percent across-the-board tariff, which further increased to 15 percent. These new levies are under Section 122 of the Trade Act of 1974 in the US. These tariffs will remain in place for 150 days unless Congress approves an extension.
Although it is a temporary relief, these events will continue to put pressure on emerging market currencies like the rupee, while making the overall picture more complicated than what markets imagined.
Domestically, importers are also on standby as these levels are attractive for them to hedge their positions. Moreover, the Reserve Bank of India (RBI) is also likely to be present in the spot market to prevent any depreciation to Rs 91 levels, traders say.
“The rupee however looks to be sold off as the day passes because of the dollar buying sentiment continuing in the market. Importers need to buy these dips and exporters to continue to sell near 91.00 for their near term receivables,” analysts from Finrex Treasury Advisors said.
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