RBI sells $2 to $3 billion, steadies rupee above 96
The Indian rupee was struggling, hitting record lows against the dollar, so the Reserve Bank of India (RBI) stepped up and sold about $2 billion to $3 billion on Thursday and Friday.
This bigger-than-usual intervention helped push the rupee back above 96 to the dollar, a level many watch closely.
The move was a shift from RBI's recent daily sales of around $1 billion.
India's oil imports raise dollar demand
High global oil prices and tensions in West Asia have made things tough for India, since India imports a lot of oil and needs more dollars to pay for it.
This extra demand for dollars has put more strain on the rupee, forcing importers to hedge their payments even more.
Piyush Goyal assures steps for rupee
Trade Minister Piyush Goyal assured everyone that steps are being taken to tackle the rupee's slide.
Both RBI's actions and government measures aim to ease worries about rising costs and inflation linked to expensive oil imports.