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According to the latest Triennial Survey of the BIS (2019), turnover in offshore markets for the Indian rupee outpaced that of the onshore market. However, a slew of measures by the RBI are expected to shield adverse effects.


The share of the Indian rupee in the global NDF turnover has also increased significantly to 19.4% in 2019 from 12.6% in 2016. It was 14.4% in 2013. “The rise in offshore trading can disrupt the price discovery process of exchange rates in the onshore market,” the research paper said.

Mumbai: The Non-Deliverable Forwards (NDF) market has held centre-stage in the Indian currency market, especially during times of volatility, a central bank research paper said.

The market, which the central bank did not acknowledge a few years ago, has become more prominent after the taper tantrum when it began to send directional signals to currency markets in Mumbai, said the Reserve Bank of India paper.

The share of the Indian rupee in the

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IFSC: ‘NDF trades hold sway over rupee, but RBI steps may limit impact’

By ariox