The Reserve Bank of India’s (RBI) measures to attract foreign currency inflows have delivered stronger-than-expected results, mobilising $136 billion. But with the impact on the rupee modest so far, market attention is now shifting to how the central bank manages the currency amid a large forward position and persistent global risks. Market participants expect the rupee to remain range-bound, with the RBI likely to intervene on both sides to prevent sharp appreciation or depreciation.