RBI's Usha Thorat panel for easier foreign play in currency market

A Reserve Bank of India (RBI)-appointed task force on offshore rupee markets has recommended that Indian banks be allowed to “freely offer prices to non-residents” and extend local market timings to match that of the offshore derivatives markets to take the sting out of the speculative positions taken there.

Non-residents can also be allowed wide access to the FX-Retail trading platform as a “major incentive to use the onshore market,” the task force, headed by Usha Thorat, former RBI deputy governor, said.

The committee submitted its report to the RBI governor on Thursday.

To dampen the dominance of the offshore