Forex Market: The country’s foreign exchange market has seen very strong growth in recent years. According to news agency ANI, the Reserve Bank of India (RBI) Governor Sanjay Malhotra highlighted this important development during his address at the 24th FIMMDA-PDAI Annual Conference in Bali on Friday. In today’s news, we are going to give you information about this, let’s know about it…
Important developments have been seen in the last few years
According to news agency ANI, Governor Malhotra said that India’s financial markets have become more dynamic and flexible in the past few years. He said that in the last few years, we have seen significant developments, which have transformed our market into a dynamic and flexible force … The average daily turnover in the foreign exchange market is set to almost double from US $ 32 billion in 2020 to US $ 60 billion in 2024.
He said it’s not just the foreign exchange market that is showing growth. The overnight money market has also grown, with average daily turnover increasing by 80% – from around Rs 3 trillion in 2020 to over Rs 5.4 trillion in 2024.
Growth in government security market too
According to news agency ANI, he said that the average daily turnover in the government securities market has seen a growth of 40%, reaching Rs 66,000 crore during the same period.
What did you say about the important role of the financial market?
Speaking about the huge role of financial markets, Malhotra said they are crucial for India’s economic progress. He said if India has to cope with the changing situation and fulfil its aspirations, financial markets will have to play a vital role.
He said financial markets are not just a place to raise capital and trade assets but are also key enablers of economic growth. Malhotra said India has made strong progress in developing its financial markets.