Indian rupee options markets suggest traders aren't too anxious about Friday's meeting between the presidents of the U.S. and Russia, with near-term implied volatility at its lowest this month and option pricing showing no bias toward rupee weakness.

US Treasury Secretary Scott Bessent has warned India of increasing secondary tariffs over the Russian oil trade. He said the raise in tariffs is dependent on the outcome of US President Trump's high-stakes meeting with Russian President Putin.

But experts say India's refusal to reduce duties on agriculture and dairy products has been a major thorn in the negotiations. Trump's new 50% tariff rate on India is set to come into effect on 27 August, which some experts have said is akin to an embargo on trade between the two countries.