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Sitharaman launches two exchanges to take on offshore currency market

The launch comes amid the world's most expansive coronavirus lockdown, which has crippled businesses and hurt trading volumes in the country's financial markets.

Topics
IFSC | GIFT IFSC | currency market

Subhadip Sircar | Bloomberg 

rupee
The average daily volume for the rupee in London totaled $47 billion in April 2019, according to the Bank for International Settlements. That’s a fivefold jump from 2016, and more than the $34.5 billion of trades executed locally at the time.

India is taking its first baby steps to tackle a growing offshore market for its currency. Two exchanges — India International Exchange (IFSC) and NSE — on Friday began trading foreign-exchange settled rupee derivatives, part of a push to bring the market back home.

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First Published: Sat, May 09 2020. 00:20 IST
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