The RBI's interventions, like dollar sales and the FCNR-B scheme, brought temporary rupee stability and increased reserves. However, the author argues these are short-term fixes, not addressing fundamental structural vulnerabilities. Key risks include geopolitical oil price shocks and volatile foreign portfolio investments driven by external factors. A potential global liquidity tightening due to Fed policies further threatens capital flows to emerging markets like India. The article stresses the need for more stable foreign direct investment, deeper domestic financial markets, and robust institutions for long-term currency strength, asserting that economic confidence, not just central bank sales, truly sustains a currency.