Recent developments indicate a complex interplay between the Swiss Franc (CHF) and the Indian Rupee (INR), influenced heavily by geopolitical tensions and monetary policies. As of October 2025, the CHF to INR exchange rate hovers around 110.3, which remains stable within a 4.1% range, averaging closely over the past three months.
Analysts note significant pressure on the CHF stemming from U.S. tariffs, particularly a striking 39% tariff imposed on Swiss exports. This led to notable interventions by the Swiss National Bank (SNB), which reported its largest foreign currency purchases in three years during Q2 2025, particularly in response to the franc's appreciation. The SNB has indicated a commitment to maintaining the policy rate at 0.00% through 2026, which could imply a sustained effort to avoid further sharp appreciation of the CHF and support domestic inflation targets.
In India, the Reserve Bank of India (RBI) has been proactive in stabilizing the INR, recently injecting between $3 billion to $5 billion into the foreign exchange market. This marked intervention resulted in the rupee's most significant single-day gain in four months, with market sentiment shifting decidedly in favor of the rupee. The RBI's measures come amidst strained U.S.-India trade relations, highlighted by a recent imposition of 50% tariffs on Indian exports, which is further complicating the economic landscape.
Given these dynamics, forecasters expect ongoing volatility for the CHF to INR exchange rate in the near term. The increasing intervention by the SNB and RBI suggests that both central banks are committed to managing their currencies amid external pressures. For individuals and businesses engaging in international transactions, keeping an eye on these developments will be crucial to optimizing currency exchanges, as shifts in monetary policy and trade relations continue to create ripples in the forex markets.
