The article examines how different factors like external debt, interest rates, and GDP affect exchange rate volatility in India from 2008 to 2018. Using a special statistical model, the researchers found that external debt and interest rates have a significant impact on exchange rates. They also discovered that exchange rates can influence external debt, interest rates, and money supply. In the long term, external debt, foreign exchange reserves, and interest rates tend to move in a positive direction with exchange rate volatility, while GDP and money supply move in a negative direction. Future studies should consider looking at a longer time period and include variables like crude oil prices and foreign investments.