The Reserve Bank of India (RBI) has enabled select banks in India to offer round-the-clock (24×7) trading in the Indian rupee to allow Indians to safeguard their foreign exchange (Forex) risks at any time. The select banks in India offered Indian customers foreign exchange rates only in inter-bank market hours from 9 am – 5 pm. This decision will also make the offshore currency markets in countries like Dubai & Singapore less attractive for Indian investors.
Important takeaways for all competitive exams:
- RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.