India's RBI just recently has gone *massively* short the US dollar and in the NDF market, too, just to keep the crumbling rupee from sinking even more. This won't work exposing the central bank to losses and also potentially amplifying the downdraft in the currency. A big update on the fundamentals explains.

Eurodollar University's Money & Macro Analysis

Bloomberg India Plows Into NDF Market as It Fights Back Against Dollar
https://www.bloomberg.com/news/articles/2024-11-29/india-plows-into-ndf-market-as-it-fights-back-against-dollar

Bloomberg India’s Growth Shocker Puts Pressure on RBI to Cut Rates
https://www.bloomberg.com/news/articles/2024-11-29/india-s-economic-growth-weakens-to-almost-two-year-low

Bloomberg India’s Falling Wages Squeeze Urban Middle Class and Economy
https://www.bloomberg.com/news/articles/2024-11-29/india-s-falling-wages-squeezes-urban-middle-class-and-economy

Bloomberg RBI Inquiries on Liquidity Spur Speculation of Action Next Week
https://www.bloomberg.com/news/articles/2024-11-29/rbi-inquiries-on-liquidity-spur-speculation-of-action-next-week

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