India's central bank keeps traders guessing. The unpredictability of currency interventions is making rupee speculators think twice before placing bets—but here's the catch: this strategy might actually accelerate the currency's decline rather than stabilize it. When policy becomes a moving target, you lose the certainty markets crave. Less confident traders means less liquidity, which typically pushes a currency into deeper trouble. It's a classic case of how central bank actions, even well-intentioned ones, can backfire in ways that aren't immediately obvious to the casual observer.