RBI steps in to stem rupee's freefall.

The Indian rupee has experienced a roller coaster day, dropping to another record low of 64.175 before recovering to 63.565 at the time of writing amid speculation of intervention by the Reserve Bank of India. The USD-INR was -0.5% after being higher earlier, while shares were -0.3%. The rupee's precipitous slide over the past few sessions has been prompted by the announcement last week of measures that smelled like capital controls, as well as longer-term factors such as fears about Fed tapering and frustration at the lack of economic reform.