A rigorous formulation is presented for the frictionless axisymmetric interaction of a rigid disk with a two-layered inhomogeneous medium. The materials are considered to be linearly elastic transversely isotropic materials and the exponential variation of properties along the depth of each layer is assumed in order to model the effect of inhomogeneity. The disk is considered to be at the top of the coating layer or embedded at the interface of the two media. By satisfying the boundary conditions, the problem leads to a dual integral equation and is reducible to a Fredholm integral equation of the second kind which is solved numerically. The numerical solutions survey the effect of material inhomogeneity through two special cases: a functionally graded coating on a homogeneous transversely isotropic half-space and a homogeneous transversely isotropic coating on an inhomogeneous half-space. The accuracy of the numerical solutions is verified by comparison with the corresponding solution for homogeneous material in the literature.