The study looked at how different factors affect the value of the Indian Rupee compared to the US Dollar. They analyzed the relationship between the exchange rate and stock market indices in India, as well as economic variables like inflation, interest rates, and current account deficit. The researchers found that stock market returns did not have a significant impact on the exchange rate, but economic factors like inflation, interest rates, and current account deficit did. They also discovered that the real GDP of India has a negative relationship with the exchange rate, meaning as one goes up, the other goes down.