The Reserve Bank of India’s interventions to prop up the rupee are running into turbulence, with both local and global pressures testing its resolve. Friday’s 0.1% gain for the rupee—fueled by suspected central bank interventions and possible inflows—was a glimmer of hope. Early indicators from the 1-month non-deliverable forward suggest the rupee will open around 84.82-84.83 per dollar, a hair weaker than Friday’s close of 84.7875. This week, all eyes are on the Federal Reserve’s Wednesday meeting. A quarter-point rate cut seems locked in, but the focus will be on the Fed’s tone for 2025. The rupee’s immediate future looks like a wrestling match between RBI’s defense and a rising U.S. dollar, with inflation and Fed signals playing referee.