The Reserve Bank of India (RBI) has urged state-run oil refiners to limit their spot dollar purchases and utilize a special credit line to manage their foreign exchange needs. This decision comes in response to the Indian rupee's significant decline, which has fallen over 3% this year, making it the worst-performing major currency in Asia. The RBI's measures, reminiscent of those implemented during the Ukraine war, aim to ease the pressure on the rupee, which reached an all-time low of past 95 per dollar in late March due to rising oil prices and heavy foreign portfolio outflows. The special credit line is available through the State Bank of India (SBI), which is the country's largest state-backed bank, and is intended for major refiners like Indian Oil Corp, Hindustan Petroleum Corp, and Bharat Petroleum Corp, who 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 currency, including curbing arbitrage trades and selling dollars from its foreign exchange reserves. Following these interventions, the rupee has shown signs of recovery, strengthening approximately 2% from its record low and was last quoted at 93.20 per dollar.