And here’s the twist: it’s largely NRI money, parked via FCNR deposits, not speculative investors. What’s more, ₹58,000 crore of that came through FPIs into debt markets – thanks to a smart tax tweak. Governor Malhotra says this isn’t just about reserves; it’s about stability. The rupee? Still floating, but with RBI ready to step in only if volatility spikes. And despite the inflows, domestic liquidity hasn’t surged – blame government cash balances soaking it up. Bottom line: India’s external cushion just got thicker… quietly.