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The Foreign Exchange Market
The foreign exchange market

Any discussion of reforms in the Indian financial market cannot be complete without a reference to the foreign exchange market insofar as the activities in the two markets are quite interdependent. The present chapter, therefore, makes a survey of the reform measures and analyses their possible impact, more particularly in terms of growing turnover and the generation of stability in the foreign exchange market.

The Process of Reform

The adoption of floating exchange rate system in 1993 and the resultant exchange rate risk needed a variety of hedging activities. Again, after convertibility on merchandise trade transactions since March 1993 followed by full current account convertibility by August 1994, the government appointed the Expert Group on Foreign Exchange Markets in India, ...

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