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IRFC weighs dollar-Swiss franc swap
Mint Mumbai
|January 26, 2026
Indian Railway Finance Corp. (IRFC) is reworking its foreign-currency borrowing mix, exploring a plan to swap part of its dollar-denominated loans into Swiss francs to limit foreign exchange losses and lower funding costs amid a free fall in the rupee against the greenback.
The company has nearly $8 billion in overseas exposure.
(MINT)
The move reflects how the government’s rail financier, which has nearly $8 billion in overseas exposure, is responding to currency volatility as it reshapes its business beyond funding the Indian Railway.
Nearly 70% of IRFC’s forex loans are dollar-denominated and a 6% fall in the Indian rupee against the US currency over the last 12 months has prompted the company to explore these steps, chairman and managing director Manoj Kumar Dubey told Mint.
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