- The textile industry in India was traditionally export-oriented but faced currency pressure from rupee appreciation in 2007-2008. TT Textiles hedged its $25M exposure by entering a currency swap deal with ABC Bank involving rupees and Swiss francs. - In 2008, the rupee drastically depreciated due to the global financial crisis while the Swiss franc strengthened against the dollar, threatening losses for TT Textiles under the swap terms. Projected losses reached $45M when the rates touched 0.93 CHF/$. - By early 2009, the dollar had strengthened against the franc, allowing TT Textiles to exit the unfavorable swap deal and avoid future uncertainty over currency fluctuations