According to CoinMeta, the Reserve Bank of India (RBI) is believed to be selling dollars to support the rupee, despite the USD / INR exchange rate remaining stable. This intervention aligns with the central bank's established pattern in 2026, which involves regular interventions to smooth out fluctuations rather than defending a specific exchange rate level, typically occurring when the USD / INR approaches historical highs. Despite reports of dollar sales, minor changes in the USD / INR indicate that the central bank is currently offsetting new depreciation pressures rather than driving a significant reversal in the exchange rate. The rupee has performed poorly this year, becoming the weakest among major Asian currencies, affected by high oil prices, continuous withdrawals of foreign investors from the Indian stock market, and threats of U.S. tariffs related to India's purchase of Russian oil. Since the RBI recently closed the foreign exchange deposit swap facility, removing a recent source of capital inflow support, the rupee may need a sustained decline in oil prices or a clear downward trend in the dollar to effectively break away from its current level.