The US warns of potential secondary tariffs on India over Russian oil purchases as tensions rise ahead of Trump's meeting with Putin in Alaska, aimed at addressing the Ukraine war. India defends its oil imports,

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.