The RBI's recent dollar-attracting measures aim to stabilize the rupee, acting as a calibrated crisis playbook, not a long-term external-sector strategy. The author argues that India's confidence-based reserves are reversible, and current measures carry fiscal and moral hazards, also highlighting limits of administrative controls. For lasting external comfort, India needs to address structural dollar drains, foster export-surplus manufacturing FDI, and diversify away from the dollar. The article emphasizes moving beyond short-term fixes to confront fundamental economic problems, warning against complacency despite current interventions.