I would describe the restrictions on debt inflows with respect to quantum, tenure and pricing which are currently in place as “strategic” in nature. They are motivated by the need to impose some limits on the risks of global exposure and not by day-to-day considerations of exchange rate volatility.
Consequently, the rupee moves in response to daily supply and demand patterns against the backdrop of these strategic restrictions. In turn, these restrictions can be lowered in response to strategic considerations, such as the increasing demand for foreign funds for infrastructure investment, which has been done over the past year.