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The exchange rate between the Swiss Franc (CHF) and the Indian Rupee (INR) has exhibited notable fluctuations over the past few years, reflecting a combination of global economic trends, monetary policies, and bilateral trade dynamics. This report provides an analysis of the CHF/INR exchange rate movements from 2021 through mid-2025, highlighting key trends and potential influencing factors.

Exchange Rate Trends from 2021 to Mid-2025

2021:

In 2021, the CHF/INR exchange rate experienced moderate volatility. The year began with the exchange rate around 80.62 INR per CHF in July, reaching a peak of approximately 82.07 INR by the end of the month. The average exchange rate for the year was 80.89 INR per CHF, with the lowest rate recorded at 77.13 INR and the highest at 83.30 INR. (exchangerates.org.uk)

2022:

The year 2022 saw a gradual appreciation of the Swiss Franc against the Indian Rupee. Starting at 80.48 INR per CHF in October, the rate climbed to 83.20 INR by the end of September. The average exchange rate for 2022 was 82.34 INR per CHF, with a low of 77.20 INR and a high of 89.73 INR. (exchangerates.org.uk)

2023:

In 2023, the CHF/INR exchange rate continued its upward trajectory. The rate began at 90.87 INR per CHF in June and reached 98.97 INR by the end of December. The average exchange rate for the year was 91.97 INR per CHF, with the lowest rate at 87.10 INR and the highest at 98.97 INR. (exchangerates.org.uk)

2024:

The appreciation trend persisted into 2024. In July, the exchange rate was 92.39 INR per CHF, increasing to 95.35 INR by the end of the month. The average exchange rate for July 2024 was 93.75 INR per CHF. (exchangerates.org.uk)

2025:

As of July 1, 2025, the CHF/INR exchange rate reached a peak of 108.23 INR per CHF, marking a significant appreciation of the Swiss Franc against the Indian Rupee. The average exchange rate for 2025 up to this point was 100.09 INR per CHF, with the lowest rate recorded at 94.06 INR on January 2, 2025. (exchange-rates.org)

Factors Influencing the CHF/INR Exchange Rate

Several factors have contributed to the observed trends in the CHF/INR exchange rate:

1. Monetary Policies:

• Swiss National Bank (SNB): The SNB's monetary policies, including interest rate decisions and interventions in the foreign exchange market, have a direct impact on the value of the Swiss Franc. A more restrictive monetary policy can lead to an appreciation of the CHF.

• Reserve Bank of India (RBI): Similarly, the RBI's policies influence the value of the Indian Rupee. Measures such as interest rate adjustments and foreign exchange interventions play a crucial role in determining the INR's strength.

1. Economic Indicators:

• Switzerland: Strong economic performance, low inflation, and a stable political environment contribute to the Swiss Franc's status as a safe-haven currency, attracting investors during times of global uncertainty.

• India: India's economic growth, inflation rates, and trade balances affect the Rupee's value. Periods of high inflation or trade deficits can lead to a depreciation of the INR.

1. Global Economic Events:

• Events such as geopolitical tensions, global financial crises, and changes in commodity prices can influence investor sentiment, leading to capital flows that affect exchange rates. The Swiss Franc often appreciates during global uncertainties due to its safe-haven status.

1. Trade Relations:

• The trade balance between Switzerland and India also impacts the exchange rate. A trade surplus in favor of Switzerland can lead to increased demand for the CHF, appreciating its value against the INR.

Implications and Outlook

The consistent appreciation of the Swiss Franc against the Indian Rupee over the past few years has several implications:

• For Importers and Exporters:

  • Indian importers sourcing goods from Switzerland may face higher costs due to the stronger CHF, potentially impacting profit margins.
  • Conversely, Swiss exporters to India might find their products becoming more expensive in the Indian market, which could affect competitiveness.

• For Investors:

  • Investors holding assets denominated in CHF have benefited from the currency's appreciation, enhancing returns when converted to INR.
  • However, those with investments in INR may experience diminished returns when measured in CHF terms.

Looking ahead, the CHF/INR exchange rate will likely continue to be influenced by the aforementioned factors. Monitoring central bank policies, economic indicators, and global events will be essential for stakeholders to make informed decisions. While the Swiss Franc's safe-haven status suggests potential for further appreciation during global uncertainties, India's economic growth and policy measures could counterbalance this trend, leading to periods of stabilization or even appreciation of the INR against the CHF.

In conclusion, the CHF/INR exchange rate has demonstrated a clear upward trend in favor of the Swiss Franc from 2021 through mid-2025. Understanding the underlying factors driving this movement is crucial for businesses, investors, and policymakers engaged in Swiss-Indian economic activities.