The RBI has done an excellent job of controlling the rupee's decline.
As investors acquire dollar assets out of fear in an uncertain global environment, currencies throughout the world are sinking against the dollar.
The Reserve Bank of India took many actions on July 6 to alleviate the rupee's problems after realising this was a taper tantrum 2.0.
The limits on external commercial borrowings were increased,
NRI deposits received higher interest rates and CRR/SLR (cash reserve ratio/statutory liquidity ratio) exemptions,
the restrictions on foreign portfolio investments (FPIs) in debt securities were loosened,
and international trade settlement was done in Indian rupees.
The RBI has therefore made sure that the rate of depreciation has been slowed down even if the rupee has declined.