The Indian rupee edged higher on Wednesday, helped by the central bank keeping its key rate steady, though impending higher tariffs on shipments to the United States are likely to keep the currency under pressure.

This comes in the wake of Trump’s tariff terror, coupled with shares worth Rs 2,567 crore offloaded by foreign investors after the American president’s accusation that India is hands-in-gloves with Russia. The depreciation is also in part due to Oil Marketing Companies (OMCs) demanding dollars during the day.

India’s central bank held its key interest rate as Donald Trump’s planned increase to tariffs on the country’s exports to the US threatens to send its economy into turmoil. The Reserve Bank of India ’s decision to keep the repo rate at 5.