The RBI’s new forex measures gave the currency a 1% boost, but they also sent 10-year yields soaring to 7.4%, the highest since 2023. Why? Because the central bank is now making it costlier to hedge dollar exposure; a signal that short-term fixes won’t solve long-term forex pressure. Oil imports still soak up $10–12 billion monthly, and with crude above $105, the rupee’s relief might be temporary. Analysts say the real test begins once the initial buzz fades. If you’re investing or planning a big purchase abroad, this volatility matters more than you think.