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Note on Currency Trading

Forex history dates back in the year 1978, When RBI (Reserve bank of India), apex bank of India, took a historic decision, which allowed Banks to undertake intraday trading in foreign currency exchange.

Before currency trading came into picture, value of Indian currency was determined by RBI, in terms of basket of currencies, who were India’s major trading partners. There were significant amount of restrictions on current account transaction.

As the time passed, many reforms were introduced in the market, two step downward adjustment in the exchange rate of Indian rupee, so that it could have a suitable value in line with inflation differential to keep export competitiveness intact.

Other milestones came, with appointment of Expert Group committee on forex currency in 1994. This committee formation gave more freedom to the banks in many of its operations related to market development and liberalization. This flexibility, granted banks in terms of fixing their limits, banks were allowed to borrow and invest in the overseas markets. It also gave banks a free hand on making use of derivative products for asset-liability management purposes.

Along with banks, corporate also gained the privilege to participate in the forex market. Corporate were granted permission to make use of forex instruments like interest rates and currency swaps in the international currency exchange market.

However, common people were not much interested, but with globalisation in place and open economy, large chunk of foreign exchange in India came through the large Indian population working in foreign countries. Thus, things are changing now and with growing economy and growing awareness, more numbers of people are taking interest in the forex trading.

MAJOR FACTORS AFFECTING CURRENCY EXCHANGE RATE

  • Interest Rate
  • GDP
  • Inflation

OTHER FACTORS INCLUDED:

  • Unemployment rate
  • Balance of Payment
  • Trade Deficit
  • Fiscal deficit
  • Manufacturing indices
  • Consumer prices
  • Retail sales
CURRENCY EXCHANGE AND TIMINGS:

NSE- Timings: 9AM-5PM

NSE is the leading stock exchange in India and fourth largest in the world in terms of volume. It began its operation in the year 1994, since then it has been the largest in terms of volume. It started its electronic based trading in the year 1994 and internet trading in the year 2000, which were one of its kinds.

BSE- Timings: 9AM-5PM

BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments. It is traded internationally on the EUREX as well as leading exchanges of the BRCS nations (Brazil, Russia, China and South Africa).

TRADING IN FOREIGN CURRENCY PAIRS:

NSE IFSC: It’s a fully owned subsidiary National Stock Exchange of India Limited (NSE) and applied to the SEBI for in-principle approval to establish an international exchange in Gujarat International Finance Tech-City (GIFT). This proposed new exchange is intended to grow the financial market as well as expected to bring capital into India. Stock exchanges operating in the GIFT IFSC will be permitted to offer trading in securities in any currency other than the Indian rupee. NSE IFSC Limited would also be permitted to offer longer trading days than what stock exchanges are currently permitted to do in India.

(GIFT: In the recent years, Indian financial service sector has grown by manifold, employing over 3million people, contributing 5% of GDP with an estimated market capitalization of over $200million.GIFT has been brought up to cater the India’s large financial services potential by offering global firms a world-class infrastructure and facilities. It aims to attract the top talent in the country by providing the finest quality of life.)

CURRENCY PAIRS AVAILABLE TO TRADE IN:-

Any currency can be traded on the international trading platform. However, In India we have following pairs available to trade in.

  • USD/INR
  • EUR/INR
  • GBP/INR
  • JPY/INR
WHY TRADE IN CURRENCY:
  • Hedging: Is a common term in futures market, it help in reducing risks from adverse price movement, by taking an offsetting position in a related security. Majorly Banks and financial institution make use of currency derivatives to protect themselves from unpredicted movements in currency prices.

  • Arbitrage: It’s a process of simultaneous purchase and sell of an asset to earn profit from price differential. It helps in earning return from taking advantage of interest differential of currency prices over different exchanges.

  • Leverage: One can enjoy the forex market only by paying 3%-4% margin of total traded value.

MAJOR PARTICIPANTS IN THE CURRENCY MARKET:-
  • Any Indian resident
  • Banks
  • Financial Institution
  • Multinational Corporations

WHY ADVISORYMANDI.COM?
  • Quality Call: Only SEBI registered analyst are allowed to give calls on the portal. These analysts are pioneer in their segments and have above 5-10 years on experience.

  • Timely Notification: Real time tracking of the calls and tips provided by the analysts.

  • Economical advisory: One subscription for advisory in all segments (Equity Cash, F&O, Currency and Commodities) of the market, making the advisory services affordable for masses.

  • Genuine past performance: Real time tracking of performances of the advisors. Client can check the past 30 day’s performances of the advisors, in all segments.

  • Quality Advisory: No need to juggle around with number of calls. Clients get selected calls which are filtered through high end complex technological process.

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