The intervention comes alongside a more favourable backdrop of softer oil prices and reduced expectations for a September Fed hike, both of which have taken pressure off emerging market currencies broadly. Continued FII outflows and the drag from steep US tariffs on Indian exports remain the key structural headwinds, meaning any renewed spike in crude or hawkish Fed repricing could quickly reverse the currency's recent stabilisation. The rupee's path also bears watching as a read-through for other current-account-sensitive Asian currencies facing similar oil and capital-flow pressures. Immediate catalyst is the rise in oil prices. The central bank has also taken complementary steps during the year, including measures to curb speculative arbitrage and forward contract manipulation, alongside incentives for external commercial borrowing aimed at attracting more stable capital inflows.