DAILY NEWS ANALYSIS
12 August, 2019
Min Read
CONTEXT
Over the past few years, there has been a concern over the sharp rise in offshore rupee trading volumes.
Facts
Data from the Bank of International Settlements pegs daily offshore rupee trading at around $16 billion in 2016, almost equal to onshore trading.
Recent data from the Bank of England pegs offshore rupee trades at $23 billion in 2018.
Challenges
Recommendations
Incentivize market participants to shift to onshore markets, by extending onshore market hours, and examining issues of taxation.
Allowing market participants to take exposure up to $100 million, without any need to establish the existence of an underlying risk
Incentivize greater participation in rupee-denominated bonds
As the economy grows, expand onshore currency markets in a calibrated manner
The ability to hedge currency risks will increase the rupee’s attractiveness for trade invoicing and portfolio diversification
This can lead to the gradual internationalization of the currency.
Source: Indian Express
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