Currency and Forex Trading
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Besides the OTC derivative segment of the Indian Forex market has also increased significantly since its commencement in the year The growth of the How to do forex trading in india Forex market owes to the tremendous growth of the Indian economy in the last few years. Today India holds a significant position in the Global economic scenario and it is considered to be one of the emerging economies in the World.
The steady growth of the Indian economy and diversification of the industrial sectors in India has contributed significantly to the rapid growth of the Indian Forex market. Let us take a watch on the Indian Forex trading scenario since how to do forex trading in india early days. The Forex trading history of India dates back towhen Reserve Bank of India took a step towards allowing the banks to undertake intra-day trading in Foreign exchange.
It is during the period of when Reserve Bank of India, officially determined the exchange rate of rupee according to the weighed basket of currencies with the significant business partners of India.
But it needs to be mentioned that there are too many how to do forex trading in india on these banks during this period for trading in the Forex market. The introduction of the open market policy in the year and implementation of the new economic policy by the Govt.
It is during the month of Julythat the rupee undergone a two fold downward adjustment and this how to do forex trading in india in line with inflation differential to ensure competitiveness in exports. It is during this time that uniform exchange rate came into effect and that started demand and supply controlled exchange rate regime in Indian. This ultimately progressed towards the current account convertibility that was a part of the Articles of Agreement with the International Monetary Fund.
It was the report and recommendations of the Expert Group on Foreign Exchange, formed to judge the Forex market in India that actually helped to widen the Forex trading practices in the country. As per the recommendations of the expert committee, Reserve bank of India and the Government took so many significant steps that ultimately gave freedom to the banks in many ways. Apart from the banks corporate bodies were also given certain relaxation that also played an instrumental role in spread of Forex trading in India.
It is during the year that Indian Forex market has seen a great advancement that took the Indian Forex trading at par with the global Forex markets. It is the introduction of future derivative segment in Forex trading through the largest stock exchange in country — National Stock Exchange or NSE.
This step not only increased the Indian Forex market volume too many folds also gave the individual and retail investor a chance to trade at the Forex market, that was till this time remained a forte of the banks and large corporate. Click here for Indian stock market tips.
For more details click here. From inclusion of these three currency pairs in the Indian Forex circuit the Indian Forex scene is expected to boost even further as these are some of the most widely traded currency pairs in the world.