Assocham seeks extension in trade timing of currency futures

The Associated Chambers of Commerce and Industry of India (Assocham) has sought from capital market SEBI an extension in trade timings of currency futures till 11.30 pm.

At present, trading in currency futures is allowed only till 5 pm.

"We believe that the restriction of the trade timing till 5 pm in the evening is restrictive for importers, exporters and other stakeholders who may have to take pricing decision in the late evening hours," Assocham Secretary General D S Rawat said in a letter to SEBI Chairman C B Bhave.

As a result, such restrictive regime poses a difficulty for traders as other currencies are traded at a time when the Indian rupee is not, Assocham said.

"Hence, we humbly request you to extend the trade timing of the currency futures till 11.30 pm," Assocham said.