A switching circuit for converting an input voltage into an output voltage has an input terminal for receiving the input voltage. A power switching element is coupled to the input terminal and has duty cycle d controllable to adjust the output voltage with respect to a desired level using inductor current representing current in an inductor element connectable to the power switching element. An average and hold circuit is responsive to a voltage at an output of the power switching element to produce an average switch voltage over an ON phase of a switching cycle of the power switching element. A voltage-to-current converter is responsive to the average switch voltage for producing representation of an average inductor current over one or more switching cycles. A current modulator having a duty cycle equal to 1-d modulates the representation of the average inductor current to produce a signal proportional to an average output current of the switching circuit over one or more switching cycles.