The document discusses India's foreign exchange market and the rupee exchange rate. It provides background on exchange rates, defines currency appreciation and depreciation, and outlines the key players in India's foreign exchange market like commercial banks and central banks. It also examines the factors that influence exchange rates, like inflation differentials and interest rates. The document notes that while currency depreciation hurts importers, it can benefit exporters. Finally, it shares recent exchange rates between the rupee and dollar, pound, euro and yen over a five day period.