Abstract
p>In the modern economy many countries are using global markets to raise the capital through the External Commercial Borrowings and Foreign Currency Convertible Bonds. Indian currency with the dollar is getting depreciating gradually from 2007 to till date More than 58%. The depreciation is causing Indian Industries opted global markets for debt capital. In this paper data has been considered from 2005 to 2015. The granger causality test results unveil that Rupees Vs. Dollar influenced the FCCB capital, but ECB's were not influenced by Euro fluctuations. Vector auto regression forecasted that based on LIBOR rates that FCCB's will move downwards but debt through ECB's will move downside. This paper is useful to the investors of Indian debt instruments in a foreign region, industries opted external borrowings and regulatory authorities of India.
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