Why? Because inflation isn’t as broad-based as feared; food prices are up, but core inflation is still calm. Markets are betting on aggressive hikes, but Nomura sees only two 25 bps hikes (Oct & Dec), then a pause. The reason? Strong growth, resilient consumption, and FCNR deposits buffering the rupee. Higher crude? Not a crisis if under $100. But FII concerns? Tech, geopolitics, and valuations; not currency. Bottom line: RBI’s credibility matters more than defending the rupee. Don’t chase headlines; understand the logic behind the prediction.