India’s forex market doubles in last four years from 32 billion to 60 billion dollars, says RBI Governor

RBI Governor Sanjay Malhotra has stated that  India’s forex money markets have doubled in the last 4 years. 

 

Addressing the 24th FIMMDA-PDAI (Fixed Income Money Market and Derivatives Association of India) annual conference in Bali today he said India’s financial markets have developed into a dynamic and resilient force to fuel economic growth with an almost doubling of the foreign exchange market from 32 billion dollor in 2020 to 60 billion dollor in 2024.  

 

The Governor said the average daily volumes in the overnight money markets have also surged from



about  3 lakh crore rupees to over 5.4 lakh crore rupees during the period.  

He said there has also been a 40 per cent surge in average daily volumes in the government securities markets to  66,000 crore rupees over the same period.

Malhotra further stated that the levels of transparency in Indian markets are at par with the best in the world.  He pointed out that with recent regulatory reforms, there has been greater product and participant diversity and the onshore and offshore markets have become tightly integrated.