India, April 1 -- One is not sure which animals are involved. They can be pure-bred bulls, standing bears, sheep in the clothing of the two, half-bull-half-bears, half-bear-half-bulls, wolves, foxes, jackals, or tigers. However, the result is evident. The rupee is under tremendous attack by animal-spirited investors, even as others defend it staunchly. One has seen the pattern repeatedly over the past several months. There are days when the rupee dips, and there are those when it perks up. Yet, maddening Monday (March 30, 2026) was one of the rare days when the animals came together to the currency jungle.

They played their wild games, the rupee was tossed around from one jaw to another, different sets of teeth pulling and biting it, eve...