India’s foreign exchange (forex) market has experienced significant expansion in recent years, with the average daily turnover nearly increasing from USD 32 billion in 2020 to USD 60 billion in 2024.
This important advancement was emphasized by Reserve Bank of India (RBI) Governor Sanjay Malhotra in his speech at the 24th FIMMDA-PDAI Annual Conference held in Bali.
Governor Malhotra remarked that India’s financial markets have evolved to be more dynamic and resilient in recent years.
He said “Over the past few years, we have witnessed significant developments that have transformed our markets into a dynamic and resilient force…..Almost doubling of average daily turnover in the forex market from 32 billion USD in 2020 to 60 billion USD in 2024”.
He pointed out that the forex market is not the only one to show growth. The overnight money market has also expanded, with average daily volumes rising by 80 per cent–from about Rs 3 lakh crore in 2020 to over Rs 5.4 lakh crore in 2024.
