If your child will study in the US in eight years, USD assets are a natural hedge for that liability — no forward contracts required. The simplest framework: match the currency of the asset to the currency of the eventual outflow it funds.
Most Indian investors over-rotate to INR assets because their entire balance sheet (home, salary, EPF) is already INR. Adding USD exposure through GIFT is often a diversification of the balance sheet, not a speculative bet.