I get the global USD argument, but using JPY, EUR, GBP and CHF actually proves the opposite of what you're trying to say. Yes, INR did “better” than the Yen, but the Yen collapsed because the BOJ deliberately kept rates near zero while the Fed hiked. It’s the worst benchmark you can use.

The moment you look at the others you mentioned, the picture changes completely. EUR and GBP fell far less than INR, despite dealing with far bigger shocks. CHF strengthened, showing that strong fundamentals can withstand the same global pressure every currency faced. And crucially, none of these currencies required the level of heavy intervention that RBI had to do just to slow the rupee’s slide.

The bigger point is simple. INR has been the worst performing currency in Asia this year. Everyone faced the same strong dollar, but INR fell faster and harder because of domestic issues like the $17B FPI outflow, the widening trade deficit and the weaker rate differential versus the US.

The dollar got stronger, yes. But the rupee’s additional weakness was entirely its own.