The Reserve Bank of India (RBI) reportedly offloaded at least $8 billion in foreign exchange reserves last week to anchor the rupee against the US dollar.
The rupee closed at 94.50 against the dollar on September 4, 2026, as surging global crude oil prices exerted significant downward pressure on the currency.
Despite the intervention, the RBI aims to manage volatility caused by geopolitical tensions in West Asia, which have offset gains from strong FCNR dollar inflows.