The study looked at how changes in exchange rates affect Indian companies that export goods and services. They found that when the Indian currency gets stronger or more unstable, it hurts the market share of exporting firms. Labor costs make this impact even worse. Smaller companies are hit harder by exchange rate changes than larger ones. Also, firms that export services are more affected by currency fluctuations than those exporting goods. Overall, Indian companies react differently to currency appreciation than depreciation. These findings have important implications for government policies.