India’s central bank has put restrictions on Indian Rupee Forward contracts after the rupee has plunged in to record lows against the greenback.
RBI has tried to allow free market mechanics govern the market in tis bid to reduce capital controls. The RBI found that the rupee was being misused by exporters who were booking forwards then cancelling and booking them at a better exchange rate.
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India has tried to reduce issues in the FX markets by launching exchange trade currency futures in 2008, daily volumes are around $10 billion on all three exchanges.
Forexmagnates looked at the Indian Forex market in the Q2 report.