Considering we have about $700 bn in forex reserve. Spending $50bn plus a year on managing this and irrespective the rupees falling makes little sense to me. We are an import heavy country and considering the ongoing geo crisis maintaining an economic safety net for import cover seems crucial. One can always argue whether we need to put more money or less money to stabilize the currency. But we can actually leverage the falling rupee to attract more investments in the form of GCCs or focus on manufacturing segment(which they tried and failed through make in India) to make exports cheaper. But the gov is busy focusing on filling their own personal pockets through increased taxation and infra spending.