The central bank has been reaching into the foreign exchange reserves and seeing dollars in exchange for INR to prop up its value. Indian companies that have borrowed money overseas during the low interest rate regime will face a reality check pretty soon, says Ravi Agrawal. And since interest rates are headed higher, Indian companies have hit the pause button on borrowing from the overseas market. Since April, no one has raised dollar money. It's the longest dry spell in 13 years.