From Recovery to Resilience: Growth Dynamics of the Indian Forex Market in the  Post-Pandemic Era (2021–2024)

Author(s)	CA Dr. Shyam sundar Das, Ms. Nandini Virji Prajapati
Country	India
Abstract	This research paper delves into the transformation and growth of the Foreign Exchange (Forex) Market in India post-pandemic, with a specific focus on the evolving trends, participation patterns, and regulatory dynamics. The study is based on insights gained during an internship at a leading treasury advisory and forex risk management firm in India. The COVID-19 pandemic disrupted global trade and financial markets, including the foreign exchange (forex) market. However, post-2021, the Indian forex market has witnessed renewed momentum driven by increased retail investor participation, digital transformation, and higher foreign capital inflows. This study investigates the structural changes and growth trajectory of the forex market in this post-COVID landscape.
Keywords	Indian Forex Market, Post-Pandemic Growth, USD/INR Trends, Retail Investor Participation, RBI Policy, Currency Risk Hedging, Treasury Advisory, Fintech, INR Volatility, Capital Inflows.
Published In	Volume 6, Issue 6, November-December 2025
Published On	2025-12-15
DOI	https://doi.org/10.63363/aijfr.2025.v06i06.2559
Short DOI	https://doi.org/hbf93r

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