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A spike in global crude oil prices put pressure on the rupee, pushing it to a record low of ₹95 per US dollar at one point.
The RBI responded by intervening both locally and offshore, which meant using some of India's foreign reserves.
These dropped from $730 billion to $688 billion in March.

Because of the RBI's strict actions, banks were forced to unwind risky currency trades, which helped reduce market chaos even more.
Analysts at Crisil gave a nod of approval for these steps, saying they really helped bring stability during uncertain times globally.