The Indian rupee faced notable downward pressure this week as persistent dollar appetite from merchants and forward market participants outweighed the central bank's intervention efforts. Despite policy support aimed at stabilizing the currency, the combination of strong merchant dollar bids and non-deliverable forwards (NDF) market activity proved too influential to contain. This dynamic reflects broader trends in currency markets where organic demand factors can quickly offset official measures. Traders watching rupee movements should note how intervention effectiveness varies with underlying market sentiment—when commercial demand for dollars runs hot, even coordinated support struggles to hold ground. The week's action serves as a reminder that forex dynamics, like crypto volatility, respond to layered supply-demand mechanics that authorities can influence but rarely fully control.