INDIA’S CONCERN – RUPEE TRADING IN LONDON BIGGER THAN IN MUMBAI

INDIA'S CONCERN - RUPEE TRADING IN LONDON BIGGER THAN IN MUMBAI
Photo courtesy: Moneycontrol

RBI, our Government and the financial-business community is very worried that London has overtaken Mumbai in the daily Rupee foreign exchange trading. Average daily volumes have increased 5X there in 3 years while Mumbai has grown but not so much. London is the oldest financial market, but still what this means is that the Indian Rupee would become more volatile, exchange rates would be set or strongly influenced there, and RBI’s actions to control the Rupee – US Dollar and other exchange rates would have less effect especially in times of financial stress.

Even so, the good news is now the GOI and the RBI are looking at ways to increase volumes (or wallet share) in Mumbai through creative solutions including 24 hour foreign exchange trading.

Source:Bloomberg

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  • 20 Sep 2019
  • WerIndia

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In 1989-90, with Rajiv Gandhi as PM and Farooq Abdullah as CM, 400,000 Kashmiri Pandits, Sikhs & Others FACED GENOCIDE - were slaughtered or forced to leave Kashmir overnight. "The Kashmir Files" shows only a small part of this. Should a Kashmir Genocide Law be made and the atrocities be fully investigated?

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