What’s interesting is how narrow the range was: just 30 paisa all week. That’s the tightest since February. Oil prices? Still high; above $87. Geopolitical risk? Very real. Yet, the rupee didn’t budge much. Why? Because the RBI, through state-run banks, kept selling dollars to keep the currency anchored. It’s not magic; it’s intervention. And it worked. Meanwhile, domestic investors (DIIs) bought ₹5,800+ crore worth of shares on Wednesday, helping push the rupee up 3 paise. Foreign investors? They were selling. That’s a shift. And it shows something important: when global money gets nervous, local money can still support the rupee. Even more telling? India’s forex reserves crossed $707 billion; up $14 billion in just a week. That’s firepower. The RBI isn’t just intervening; it’s backed by a war chest. The big takeaway? Stability isn’t always about markets behaving. Sometimes, it’s about someone making sure they don’t crash. And right now, that someone is the RBI.