After these measures, the rupee shot up 2%, its biggest single-day jump since 2013, even while other Asian currencies were struggling due to U.S.-Iran tensions.
Since India is a major oil consumer and importer (making it extra sensitive to global shocks), the RBI says it's ready to use its foreign exchange reserves (which dropped by more than $30 billion in the first three weeks of March) if needed.
This time around, officials are confident: India's economy is in better shape now than it was back then, signaling they'll keep defending the rupee if things get rough.