According to CoinMeta, the Reserve Bank of India is stepping up its efforts to support the rupee, and the increase in foreign exchange reserves gives it more confidence to cope with the pressure brought about by rising oil prices. Sources familiar with the matter revealed that, thanks to the inflow of foreign currency deposits, the RBI has decided to adopt a more sustained intervention approach over the past month to support the rupee, whereas previously it only intervened in the market when there were significant fluctuations in exchange rates. Since June, the RBI's measures to attract US dollar funds have resulted in an additional $73 billion, providing it with the confidence to adjust its strategy. In one intervention, when the rupee approached a historical low, the RBI spent $7 billion in both domestic and offshore markets in just one day. However, despite having over $700 billion in foreign exchange reserves, India has not been able to convince investors that the rupee is undervalued. Fiba Bank strategist Chandresh Jain stated that the RBI's primary goal is to curb the speed of exchange rate fluctuations and bid-ask spreads, rather than fundamentally changing the trend of exchange rates.