As USD/INR flirts with 95.5, traders are spotting state banks selling dollars, a telltale sign the central bank is at work. This isn’t new; it’s the third major intervention in 2026 alone. But here’s what’s different: this time, the rupee isn’t just fighting oil prices or foreign exits; it’s also dodging US tariff threats over Russian oil. And yet, even with $57 billion pulled from the FCNR swap, the RBI still has firepower. Why? Because they’re not trying to win the war; just manage the battlefield. If the dollar weakens globally and Fed rate hikes fade, the rupee might get a breather. But don’t expect miracles; the RBI’s strategy is damage control, not revival. For job aspirants? Watch this space. A falling rupee can mean higher import bills, inflation pressure, and tighter fiscal space; all things that can shape govt budgets, subsidy patterns, and even recruitment timelines.