One: the rupee forgot. Back at pre-war levels, with the RBI quietly rebuying the $31 billion it spent defending — reserves at $641 billion and climbing.
Two: treasurers relaxed first. Importer hedge ratios have unwound from 78 percent at the panic peak to below pre-war norms — corporates pricing corridor durability more confidently than insurers do.
Three: the boring print. CPI at 3.9 percent four months after $166 crude — the pass-through that never arrived is the quarter's real monument.
Four: capital voted. The record FDI quarter concentrated in exactly the strategic sectors a nervous board would delay — fabs, batteries, defence lines. Crisis as due diligence.
Five: the queue moved indoors. March's fuel queues are July's committee hearings — the SPR tender, the corridor mandate file, the rate-cut debate. Emergencies end when their vocabulary becomes procedural.
The caveat stays taped to the wall: the ceasefire is unsigned. But economies signal recovery the way patients do — by complaining about ordinary things again. More on the economy desk.
