Commodity Online MUMBAI: Currency futures is the buzzword in the Indian financial markets these days. What is India's share in global foreign exchange market?
In past years, currency market has reflected the strong growth globally. In India, government efforts to ease capital movement have led the country recording the fastest rise in its turnover growth in the segment over the last three years.
Here are some facts on currency markets in India:
India's share in worldwide foreign exchange market turnover has grown to 0.9 per cent this year, marking a three-fold jump from just 0.3 per cent in 2004.
Fastest increase in market share of India for any other country in the world.
India is 16th largest foreign exchange market in the world in terms of total daily turnover which was US$34 billion in 2007.
Average daily turnover of global forex market rose to $3.2 trillion in April 2007, an increase of 69% at current exchange rates and 63% at constant exchange rates.
Daily global trading volumes would likely reach US$5 trillion by 2010.
Emerging market currencies are estimated to be on at least one side of almost 20% of all transactions, compared to less than 15% in April 2004 and less than 17% in April 2001.
