Considering its economic interest, a country may decide to adopt Ultra Low Interest Rate Policy (ULIRP) or Negative Interest Rate Policy (NIRP) or a standard economic policy. The current study aims at understanding the dynamics between some critical macroeconomic variables (Interest rates, GDP, Exchange rate, Inflation, and FDI) in local Indian context with special reference to international ultra-low and negative interest rates (USA and UK economies) . One of the significant finding was the negative connectedness between Indian FDI and US interest rates. © 2019 SCMS Group of Educational Institutions. All rights reserved.

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