The South Asian nation is seeking to strengthen its regulatory grip on rupee trading as blowouts in offshore prices tend to disrupt exchange rates for the currency.
NEW DELHI: India’s most ambitious step to get a tighter grip on rupee trading, which has been shifting to markets like London and Singapore, is being put to the test as the nation’s banks start trading the currency in offshore markets.
Twelve local lenders, including State Bank of India, Bank of Baroda, Axis Bank Ltd., and ICICI Bank Ltd, can trade in the Non Deliverable Forward market for the currency from Monday.
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