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Macro analysis of the forces shaping Indian markets. These pieces reflect how we think, not what we recommend.
Macro Outlook
The Rajan Playbook, Revisited: How India Is Tapping Its Diaspora to Defend the Rupee
In June 2026, the RBI revived a defensive instrument last used in 2013: a special swap window that lets Indian banks offer NRIs seven per cent on dollar deposits. The mechanics, the precedent, and what the central bank is quietly paying for the privilege.
16 JUN 202614 min read
Macro Outlook
King Dollar's Quieter Reign: The Question Is Real, Just Not the One Everyone Is Asking
The dollar's share of global reserves has been quietly eroding for a decade. The replacement isn't the yuan or the euro — it's gold, and what that means for India as a borrower and as a sovereign.
2 JUN 202616 min read
Macro Outlook
The Hormuz Premium and the Specter of 2026
How a closed strait, a record-low rupee, and a fragmenting world economy connect to the cost of running an Indian household this year.
19 MAY 202612 min read