Behind the scenes, the RBI quietly stepped in, asking big public sector banks to sell dollars early in the day. Why? Because the rupee was slipping dangerously close to 97, and global oil prices hovering at $105/bbl were making things worse. The central bank didn’t just react; it anticipated. Even before markets opened, they were already at work, using dollar-rupee swaps to tighten liquidity and slow the slide. Exporters joined in too, selling dollars as the one-year forward premium hit 3.5%; a level not seen since May. One private bank treasury head said it’s no coincidence: after RBI Deputy Governor Poonam Gupta hinted the rupee was “overcorrected,” markets took notice. But don’t celebrate yet. With importers scrambling for dollars ahead of a potential bank strike, and global bond yields hitting 17-year highs, the pressure isn’t gone; just managed. For job seekers eyeing government roles, this matters: stable currency means stable inflation, and that’s what keeps fiscal policy predictable. The RBI isn’t fighting a currency war; it’s playing chess.