Research preview

The Indian rupee surged 1.9 % against the U.S. dollar, marking its strongest weekly gain in six months and the second‑strongest move in six years. While macro fundamentals dominate headlines, the same period offers a chance to examine a less visible driver of market efficiency – the high‑frequency “arms race” that shapes trading costs and liquidity. The Macro Move and Its Immediate Market Impact A 1.9 % weekly appreciation translates into roughly a 0.38 % daily move for the INR/USD pair. Such a swing can trigger rebalancing by global funds, corporate hedgers, and retail investors, creating a surge in spot and derivative volumes....