RBI reportedly sold over $8bn to steady rupee at ₹95.38
The Reserve Bank of India (RBI) has been working behind the scenes to keep the rupee from swinging wildly, especially with global oil prices elevated and importers snapping up dollars.
Over the past 11 trading sessions, the rupee barely budged, thanks in part to the RBI reportedly selling over $8 billion to hold things steady.
As of August 28, 1 US dollar costs ₹95.38.
India's reserves $716.9bn after FCNR(B) inflows
A flood of foreign currency (mostly through FCNR-B deposits) has boosted India's reserves to $716.9 billion, but unlike in 2013, it hasn't made the rupee much stronger.
Experts think RBI might ease up on its interventions soon, but warn that where the rupee goes next will depend a lot on global politics and energy prices.
For now, though, RBI is clearly focused on keeping things calm for everyone watching their wallets.