Even though the rupee has approached a critical depreciation threshold, India is unlikely to reopen a special Foreign Currency Non-Resident (Bank) [FCNR(B)] deposit window similar to the one introduced during the 2013 “taper tantrum”, as the country’s forex reserves remain strong and US dollar interest rates are now at record highs. During the 2013 “taper tantrum”, the US Federal Reserve’s benchmark interest rate was near 0.25%, as the Fed was still following an ultra-loose post-global financial crisis monetary policy. In contrast, the federal funds rate is currently around 4%, following an aggressive tightening cycle to combat inflation. US bond yields are also hovering around record highs of nearly 5%.