Some of the necessary preconditions to this as suggested by the Tara- pore committee report are already being met. Its continuous operation: 24 hours a day, except weekends Variety of exchange factors affecting exchange rates. However, the common man was not much interested in forex trading. Currency Futures A currency future or foreign exchange future, is a futures contract to exchange one currency for another at a specified date in the future at a future exchange rate.
Evolution of foreign exchange market in india
This committee was made to study the forex market in detail so that step can be taken out to develop, deepen and widen the forex market in India. But with the development of technologies, all the foreign exchange markets of India are working collectively. The Bank of International Settlement estimates that the average daily volume in the Forex market is 4 trillion. Simultaneously, dismantling of trade barriers has also facilitated the integration of domestic economy with the world economy. A futures contract is similar to a forward contract, with some exceptions. The call option gives buyer of the option the right (but not the obligation) to buy currency on the expiration date. The main center of foreign exchange transactions in India is Mumbai, the commercial capital of the country. Also, futures contracts are settled daily on marked-to- market (M2M) basis, whereas forwards are settled only at expiration.
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