The Indian rupee strengthened to around 91.7 per dollar, recovering from a record low in the previous session as the Reserve Bank of India stepped up measures to stabilize financial markets amid heightened volatility in global oil prices. The central bank has been active in both offshore and domestic foreign-exchange markets, intervening after the currency briefly weakened beyond the 92-per-dollar level during the recent turbulence. Economists warn that persistently high energy prices could strain India’s external balances, widening the trade deficit and adding pressure on the rupee. Sentiment was lifted, however, as the RBI has remained active in foreign-exchange markets, with estimates suggesting it may have sold $18 billion–$20 billion last week alone. The central bank has also used buy-sell swaps to replenish liquidity and support market stability.