How should I think about INR/USD currency risk when I hold assets in both countries?

Currency risk means the value of your Indian assets, measured in the dollars you'll actually spend, swings with the exchange rate — and the rupee has trended weaker against the dollar over decades. If you plan to retire and spend in the US, holding large rupee balances is a bet you may not intend to make: even a flat Indian investment can lose US purchasing power if the rupee depreciates. The cleanest hedge is to match your assets to your spending currency — hold US-spending money in dollars. FCNR deposits let you keep Indian-bank money in foreign currency to sidestep rupee risk on that slice. Avoid trying to time exchange rates; instead, decide what share of your wealth needs to be in dollars for your future and migrate toward it steadily. wealthserene.com/tools/return-to-india helps model staying versus consolidating.