The Reserve Bank of India (RBI) began selling dollars when the rupee was trading near 96.15 per dollar, a move that set the stage for the currency’s strongest one‑day rise in over a month.

The rupee climbed as much as 0.8% to 95.7838, marking its biggest gain since June 15.

RBI Governor Sanjay Malhotra said the bank’s recent policies to attract foreign capital had pulled in $32 billion largely through foreign‑currency deposits.

FX analyst Dilip Parmar of HDFC Securities noted that interventions are most effective when other tailwinds—such as falling crude prices and a weaker dollar index—are already in play. The rupee remains under pressure from rising oil prices amid US‑Iran tensions, but the Monday gains were a welcome lift.