India Allows Banks to Trade in Offshore Currency Markets

This is a major move toward currency liberalization: BofA
RBI has been trying to make its onshore market more attractive

The Reserve Bank of India (RBI) logo is displayed outside the central bank in Mumbai, India, on Tuesday, March 3, 2020. RBI Governor Shaktikanta Das said he's ready to act to shield the economy from the coronavirus and reiterated there's room to cut interest rates if needed.Photographer: Kanishka Sonthali/Bloomberg

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By Subhadip Sircar

March 27, 2020 at 6:04 AM UTC

Updated on

March 27, 2020 at 8:15 AM UTC

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Indian banks will be allowed to trade in the offshore currency market in a step toward liberalizing foreign-exchange trading.