For a long time, Indian economy has proven to be resilient to substantial exchange rate fluctuations. Arguably, this resilience has strengthened over time, as firms have learned to adapt to exchange rate variability, including through the development of the hedging practices of financial institutions and non-financial firms. Changes in information technologies have also increased the speed and the accuracy of information while the surge of financial innovations is providing the decision makers with new hedging techniques to deal with the uncertainty regarding financial flows. The present study examines the available evidence on the nature and extent of hedging behavior of companies in India. Using a field study and proprietary data, it unfolds the complex process of the foreign exchange exposure management followed by the selected corporate sector units engaged in international trade in India. It encompasses exporters, importers and business planners.