New Delhi, Aug. 30 -- The rupee's recent stability has brought relief, having earlier hit a record low. The Reserve Bank of India (RBI) deserves credit for taking decisive action. It reportedly sold about $7 billion in one of its largest foreign-exchange interventions in recent months to prevent disorderly depreciation.

It supplemented this intervention with a special foreign currency non-resident (FCNR-B) deposit scheme that included a concessional dollar-rupee swap facility announced on 8 June.

As of 21 August, banks had mobilized more than $65 billion through this window. Total foreign-currency inflows via the new facility, including external commercial borrowings and the overseas foreign-currency class of loans, reached nearly $73 b...