Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

RBI allows 24x7 forex mkt ops via select banks

Date: 08-01-2020
Subject: RBI allows 24x7 forex mkt ops via select banks
The Reserve Bank of India (RBI) on Monday said select banks in India can offer forex rates to Indian clients beyond the inter-bank market hours, which now run from 9am to 5pm. In effect, this opens up the forex market in India round the clock, allowing Indians to hedge their foreign exchange risks at any time of the day. This will also make the offshore currency markets in Dubai and Singapore less attractive for Indian investors, market players said.

“It has been decided to accept the recommendation of the task force on offshore rupee market to permit authorised dealers category-I banks to offer foreign exchange prices to users at all times, out of their Indian books, either by a domestic sales team or through their overseas branches,” the RBI said in a notification.

“Transactions with persons resident outside India, through their foreign branches and subsidiaries may also be undertaken beyond onshore market hours,” it said.

The decision to allow forex market on a 24x7 basis is significant, especially for clients to manage overnight currency risk as they can now hedge beyond local market hours, said a market source.

Source: economictimes.indiatimes.com

Infodrive India Pvt Ltd

Delhi :
  F-19, Pocket F, Okhla Phase-I
      Okhla Industrial Area

      New Delhi- 110020
   011 - 40703001

Kolkata :
  5th Floor Stesalit Towers,
      E-2-3, EP & GP Block,

      Sector-V, Salt Lake City,
      Kolkata-700 091
   033 - 71177191

INFODRIVE INDIA Copyright © 1996-2020 InfodriveIndia. All Rights Reserved.
Please read our Terms of Use and Privacy Policy before you use.

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help