They’ve tightened forex rules, slashed derivative limits from $100M to $5M, and added new paperwork for hedging. Why? Because speculators and importers were getting too aggressive. But here’s the twist; they’re also giving three oil PSUs (IOCL, HPCL, BPCL) a special dollar window. That means no more scrambling for forex; RBI will directly supply their daily needs. Smart? Yes. Necessary? Absolutely. With the rupee near record lows (₹96.73), and oil prices unpredictable, this is RBI saying: “We’re not just watching; we’re acting.” And if you’re in finance, trading, or even just watching your EMI go up, this matters. The rupee might be undervalued, as Governor Malhotra says; but until markets catch up, RBI’s stepping in to keep things steady. This isn’t panic. It’s strategy.