SBI Research has called for increased intervention by the Reserve Bank of India (RBI) to counter the rapid depreciation of the Indian rupee, which has fallen sharply against the US dollar. The report emphasizes that the rupee's decline from ₹90 to ₹95 in just 152 days is excessive given India's strong economic indicators. It notes that while foreign exchange reserves have decreased by about $47 billion since February 2026, they remain robust at approximately $680 billion, providing the RBI with ample capacity to stabilize the currency. The depreciation is attributed to global dollar strength and significant foreign portfolio outflows, totaling $22.7 billion since the onset of conflict in West Asia. SBI Research argues that the rupee is undervalued and not aligned with India's macroeconomic fundamentals. Looking ahead, the report anticipates that the RBI will keep interest rates steady in the upcoming Monetary Policy Committee meeting, while continuing to utilize its tools to manage currency volatility and ensure orderly market conditions.