Moneycontrol Be a Pro
Get App
Last Updated : Sep 19, 2019 06:38 PM IST | Source:

London overtakes Mumbai in rupee trading: Report

Average daily volumes for rupee in the UK stood at $46.8 bn, exceeding the $34.5 bn recorded in India.

Moneycontrol News @moneycontrolcom
Representative image
Representative image

London has surpassed Mumbai to take the top spot for rupee trading, according to a report by Bloomberg.

Citing the latest survey from the Bank for International Settlements (BIS), the report pointed out that average daily volume for the rupee in the United Kingdom stood at $46.8 billion in April 2019, exceeding the $34.5 billion recorded in India.

The dollar-rupee offshore non-deliverable forwards saw a threefold increase in over the last three years. Rupee trades also ballooned in Singapore, Hong Kong and the United States over the three years as per the report. This was seen across products including spot, outright forwards, foreign-exchange swaps etc. Thus, more products also ramp up volumes which can be used by the domestic market.


A Task Force on offshore rupee market by RBI extended a proposal last month to increase onshore currency trading hours to drive volume and allow banks to offer pricing to non-residents at all times.

The report noted that other Asian countries have made similar efforts. For instance, in 2018, Indonesia established the domestic non-deliverable market for its domestic currency rupiah. Although, it hasn’t been significantly effective for the country.

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Sep 19, 2019 06:36 pm
Follow us on
Available On
PCI DSS Compliant