🇮🇳BREAKING: India's central bank is reportedly selling US dollars through state-run banks to defend the rupee, according to traders.

The intervention comes as falling oil prices ease India's import bill but broader dollar strength and capital flow pressures continue to weigh on the currency.
The RBI has a long history of stepping in quietly through state banks rather than directly, giving it plausible distance from the market while still controlling the move.
When the central bank sells dollars to prop up the rupee, it is burning through foreign reserves. How long it sustains that depends on how much pressure the rupee is under and how deep those reserves run.