For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

RBI to relax norms for forex futures after rupee stabilises

By Super
|
RBI to relax norms for forex futures after rupee stabilises
NEW DELHI: Reserve Bank today said it will look at easing restrictions on the forex futures market once stability improves in the foreign exchange market.
 

"Once the stability improves in forex market, we will look at the whole gamut of futures market," RBI Deputy Governor H R Khan said on the sidelines of an event here.

During the morning session, the rupee fell by 21 paise to 61.65 against the dollar due to demand from importers for the US currency.

The local currency had hit an all time low of 68.85 against the dollar on August 28.

"As things stabilise, we will look at more and more relaxations. For examples, in OTC (Over-the-Counter) market, there is requirement of documentations for the underlying. For up to certain small values, we may think that documentation requirement (such cases) can be done away with," he said.

Khan said RBI is in talks with Securities and Exchange Board of India (Sebi) on making the dollar-rupee OTC and futures market trades possibly on a delivery basis.

"Going forward, the best idea is to harmonise both OTC and futures market, both can possibly be delivery-based. We are in discussion with Sebi and going forward will look at this," Khan added.

PTI

Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more