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