India’s Big Plan to Bring Rupee Trading Home Is an Uphill Task
- Trading of rupee in London has exceeded that in Mumbai
- Country seeking to migrate some of that trading to India
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As London does more rupee trading than Mumbai, authorities in India are taking steps to get foreigners to transact onshore. Analysts say that will be no easy task.
There’s no good reason for market participants to switch from excellent global trading hubs such as Singapore and London, said Jeffrey Halley, a senior market analyst at Oanda Asia Pacific Pte., who’s extensively traded currencies in offshore markets over a three-decade career. For Schroder Investment Management Ltd., the need to add more counterparties would just increase investors’ trading costs.