The Indian Rupee fell on Friday, weighed down by Dollar demand from maturing non-deliverable forward contracts and corporate hedging, as global markets anticipated a crucial US Supreme Court decision on trade tariffs.

The currency ended the day at 90.1625 per US Dollar, down 0.1%, while remaining largely unchanged compared with last week.

Pressure from weak local equities also weighed on the Rupee, with the BSE Sensex and Nifty 50 posting their steepest weekly declines since late September, Reuters news agency reports.

Traders cited strong Dollar demand at the central bank’s daily reference rate and corporate hedging activity as factors that pressured the local currency on Friday.

State-run banks were occasionally seen offering Dollars near the day’s low for the Rupee, helping to cap its losses, according to two traders.

While the central bank intervened strongly to support the currency earlier in the week, traders noted that the Rupee remains vulnerable unless there is progress in US-India trade negotiations or a reversal in portfolio outflows.

India’s trade agreement with the United States was delayed after Prime Minister Narendra Modi did not place a call to President Donald Trump to finalise the deal, Commerce Secretary Howard Lutnick said on Friday.

Meanwhile, foreign investors have already sold nearly $1 billion in Indian equities so far this January, adding to last year’s record outflow of nearly $19 billion.

Market participants are also preparing for an upcoming US Supreme Court ruling on President Donald Trump’s use of emergency tariff powers, as well as a key jobs report scheduled for later in the day.

A decision against the Trump administration “is likely to see a renewed escalation on trade policy uncertainty, which we would argue is US Dollar negative, although given a ruling against would be less surprising, we may not see big market moves,” according to a note by MUFG.