P/E = Perception & Economics: Why Markets Move on Narratives Before They Move on Numbers

For generations of investors, the Price-to-Earnings (P/E) ratio has been treated as one of finance’s most fundamental metrics. A simple equation dividing a company’s market value by its earnings, the ratio is often presented as an objective measure of valuation. Yet the history of financial markets suggests a more complicated reality. P/E ratios rarely reflect…

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RBI’s Dollar Swap Signal: How India’s Central Bank Used Liquidity Strategy to Defend Stability

Sanjoy Choudhury, Founder & CEO, Radiant Consulting At a time when the Indian rupee was approaching psychologically sensitive lows and global uncertainty was intensifying, the Reserve Bank of India’s USD 5 billion USD/INR buy-sell swap auction on 26 May 2026 emerged as far more than a routine foreign exchange operation. It was a calibrated macro-financial…

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