The rupee's taking a hit lately, and it's not just about what the Fed's doing. Sure, there might be some positive vibes from Federal Reserve signals, but here's the thing - corporate dollar outflows are absolutely crushing any potential upside. Companies moving capital out in USD is creating serious pressure on the currency.

What's interesting is how external liquidity dynamics can override central bank positioning. Even when monetary policy winds seem favorable, real capital flows tell a different story. For those of us watching forex markets alongside crypto, this is a textbook case of how institutional money movements trump policy sentiment.

The takeaway? Corporate treasury decisions and cross-border capital allocation matter more than you'd think. When big players need dollars and they need them now, local currencies bear the brunt - Fed boost or not.