The Reserve Bank of India (RBI) has called on state-run oil refiners to limit their spot dollar purchases and instead utilize a special credit line to address their foreign exchange needs. This initiative is a response to the rupee's significant depreciation, which has seen it fall over 3% this year, making it the worst-performing major currency in Asia. The RBI's measures, reminiscent of strategies employed during the Ukraine war, aim to reduce dollar demand from refiners, who are substantial buyers of dollars for oil imports. The special credit facility is accessible through the State Bank of India (SBI), the country's largest state-backed bank, and is available to major refiners such as Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation, which collectively manage about half of India's 5.2 million barrels per day refining capacity. The RBI has also taken additional steps to stabilize the rupee, including curbing arbitrage trades and restricting banks from offering certain forward contracts. Following these measures, the rupee has shown signs of recovery, strengthening approximately 2% from its record low, with the latest quote at 93.20 per dollar.