Lower crude prices have reduced pressure on India's external accounts, helping the rupee recover from recent lows
The RBI is using improved conditions to replenish forex reserves after heavy market intervention
Fresh inflows through FCNR(B) deposits and ECBs can strengthen reserves and improve external stability
Much of the incoming capital is debt that will need repayment in foreign currency over time
Higher global interest rates and shifting capital flows could create fresh challenges for emerging markets
With geopolitical risks still present, building reserves is the safest path to resilience