India has pulled off one of the largest and fastest foreign-currency mobilisation exercises ever attempted. In less than 11 weeks, banks and companies have brought in about $73 billion under a package of special Reserve Bank of India (RBI) measures, with FCNR(B) deposits alone accounting for more than $65 billion. Some analysts now believe total inflows could cross $100 billion before the window closes at the end of August. Yet the rupee remains close to where it was when the scheme was announced in June, trading around Rs 95-96 to the dollar. The apparent contradiction can raise an obvious question -- if India is attracting so many dollars, why is the rupee not strengthening?