Average daily volumes for rupee in the UK soared to US$46.8bil in April, a more than fivefold jump from US$8.8bil in 2016, according to the latest survey from the Bank for International Settlements (BIS) released this week
MUMBAI: London has overtaken India’s financial capital Mumbai to become the top centre for trading the nation’s currency. That’s adding to a sense of urgency among local authorities to deepen the onshore market.
Average daily volumes for rupee in the UK soared to US$46.8bil in April, a more than fivefold jump from US$8.8bil in 2016, according to the latest survey from the Bank for International Settlements (BIS) released this week.That exceeded the US$34.5bil recorded in India. Trading in dollar-rupee offshore non-deliverable forwards increased threefold over the three-year period, the BIS report showed.
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