The rupee’s decline is not coming from the usual sources that people point to — not from high inflation, not from oil shocks, and not from any sudden deterioration in growth. The currency is weakening because the economic mechanisms that used to stabilise India’s external position have stopped working. And the roots of the problem lie inside the domestic economy, not outside it.

Exchange Traded Funds (ETFs) are widely seen as simple, low-cost tools to invest in broad markets. But sometimes, ETFs trade at prices that are significantly higher than the actual value of their underlying assets. This mismatch happens when demand for a particular ETF far exceeds the supply of units available in the market. When that occurs, the price you pay on the exchange may be far more than what the ETF is truly worth.