Now Banks offer FX (Forex) Future Trades -
Now Indian Banks have started providing Forex Future Trades to their corporate clients for hedging and trading in the currency futures.
A Few Bank clients are taking their first steps towards trading un currency futures.
Currency Platforms are launched by bourses such as MCX Stock Exchange & NSE, some banks such as Union Bank of India (UBI) and a large private bank have started offering their clients the option of hedging their currency risk on the bourses.
HDFC Bank is also planning to consider FX Futures platform.
In a short span of 7 months, combined daily turnover on the most active NSE and MCX – SX Currency platforms has grown from a few million dollars to close to $ 1 Billion.
The increased in the volume can be attributed to increased volatility and greater participation.
In the first 3 months, monthly volatility in the rupee stood at 9.73% against 5.11% in the corresponding period of the last year.
