Investor Presentaiton

Depreciation Source: Bloomberg Appreciation Source: IMF -4.0% -8.0% Global world 8.0% Real GDP Growth (2016) 6.7% 6.8% 4.0% 3.1% 1.6% 1.7% 1.8% 1.0% T 0.0% ՏՈ Euro with relative performance also stacking up well India is one of the fastest growing economies in the India is well placed on growth and interest rate dynamics Japan UK China INR is one of the best performing EM currencies Performance since Jan-14 till date India Brazil -3.6% Russia 40.0 0% -1.4% -20% -5.1% -6.8% -7.9% -9.6%-11.3% 30.0 -29.1% 20.0 -40% -30.9% -36.0% 10.0 -60% -80% 0.0 -75.5% -10.0 USD/THB USD/INR USD/KRW USDSGD USD/CNY USD/IDR USD/MYR USD/ZAR USD/BRL USD/RUB -20.0 8.0% 6.0% 4.0% 1.07 1.12 1.50 0.25 0.00-0.06 2.0% 0.0% -0.2% USA Singapore UK Australia 6.00 6.50 8.00 4.25 6.00 3.00 1.25 1.50 1.38 4.00 2.00 0.00 -2.00 Source: IMF 2016 GDP growth (y/y, %) ◆ Policy Rates (RHS) Euro Japan India China Indonesia Malaysia Korea Thailand Taiwan Just three years of net outflows since 1993 FII flows (USD bn) 0.8 2.2 1.2 3.1 1.6 -0.2 1.7 1.5 2.7 0.7 CY03 6.7 8.6 Source: Motilal Oswal -12.2 10.8 8.1 17.8 17.6 29.3 -0.5 24.5 20.0 16.2 3.3 3.2 11 DELTA

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