Research preview

The Indian rupee is poised to mark nine consecutive years of decline against the U.S. dollar, a record‑long streak. While macro forces drive currency moves, the microstructure of equity markets shows a parallel “arms race” where high‑frequency participants extract tiny profits at massive scale. Understanding that race helps traders gauge hidden costs that can erode returns, especially when macro trends amplify volatility. The Macro Backdrop: A Record‑Long Currency Slide Nine straight years of rupee depreciation signals persistent balance‑sheet pressures, capital outflows, and divergent monetary paths. Such a prolonged trend creates frequent re‑pricing of Indian equities, foreign‑exchange exposure, and cross‑border capital flows....