Stable currency, loud regulatory layer: BIS certification and tariff resets move landed cost.
Layer one — macro, structured
as of Jul 2026CPI YoY
4.6%
within band
Policy rate
6.50%
repo
USD/INR
88.1
managed drift
Parallel prem.
n/a
convertible on trade
Reserves
$690b
11m import cover
Sov. spread
112bp
over UST
Layer one — regulatory, unstructured
- 2024BIS quality control orders extended to new tariff linesDGFT notification
- 2024Customs duty rationalisation on inputsFinance Act
- 2026Thin capitalisation and interest deduction scrutinyCBDT circular
- 2026Bilateral trade corridor rolloutsMinistry of Commerce
USD/INRJan 22 → Sep 25
88.174.5
Jan 22Sep 25
Indicative monthly path reconstructed for illustration — pin exact fixes to central bank data before client use.
Covered names — by market capitalisation
3 names · drill into a name for its exposure vector| Ticker | Name | Sector | Mkt cap (USD bn) | Net exposure | Status | Leads |
|---|---|---|---|---|---|---|
| RELIANCE | Reliance Industries | Conglomerate | 240.0 | +0.24 | MONITOR | 3 |
| HDFCBANK | HDFC Bank | Financials | 175.0 | +0.30 | WATCH | 2 |
| MARUTI | Maruti Suzuki India | Autos | 62.0 | -0.22 | ACT ON WINDOW | 4 |