Banking professionals: The Indian central bank spends 1 billion USD daily to support the currency market, but still struggles to reverse the rupee's decline.

Four banking industry sources revealed that the Reserve Bank of India's daily average intervention in the foreign exchange market of about $1 billion has only slowed down the depreciation of the rupee, but has not been able to stop the downward trend. Due to the high international oil prices and skyrocketing US bond yields, the rupee exchange rate has repeatedly hit historic lows. Industry insiders say that over the past week and a half, the Reserve Bank of India has continuously sold dollars through state-owned banks to alleviate pressure on the rupee. India's external dependence on crude oil is around 90%, and long-term high oil prices have become a major challenge; coupled with weak foreign inflows and exporters' low willingness to exchange, further exacerbating the pressure.