State Bank of India has so far halted trading in onshore spot foreign exchange markets because of the nation-wide banking strike, three sources at India's biggest lender told Reuters on Wednesday.
SBI is staying away from trading because staff at its settlement operations have not yet shown up to work, one of the sources added.
"So far we are not bidding nor are we offering. There is a huge counter-party risk in a situation like this and if we cannot honour settlements due to our other branches being on strike, we have our image at stake and cannot risk that," a senior trader with the bank said.
However, all three sources said the bank would be reviewing the situation later in the day and could start trading if there is any improvement.
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