RBI allows banks to trade in forex outside market hours

Dealers hailed the move as a step in the right direction to help traders hedge their bets on the domestic front.

RBI allows banks to trade in forex outside market hours

New Delhi: The Reserve Bank of India (RBI) on Monday said it has permitted Category-I banks to offer foreign exchange prices to users at all times, out of their Indian books, either by a domestic sales team or through their overseas branches.

Dealers hailed the move as a step in the right direction to help traders hedge their bets on the domestic front.

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"Transactions beyond onshore market hours. Transactions with persons resident outside India, through their foreign branches and subsidiaries may also be undertaken beyond onshore market hours," the RBI said in a release.

The central bank said the decision came as it accepted the recommendation of the task force on the offshore rupee market.