The rupee traded around 96 to the dollar during the week. India had drawn substantial foreign-currency deposits through a special scheme for non-resident Indians: reported inflows under that deposit channel reached about $133 billion. That figure describes deposits attracted by the facility; it is not the value of India's total foreign-exchange reserves. The scale of the inflow matters, but it cannot remove the cost of a prolonged oil shock for a country that imports much of the fuel it uses.
What it means: Why does higher oil matter for the rupee? Oil importers generally need foreign currency to pay suppliers; a larger import bill can increase demand for dollars and put pressure on the local currency.