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The Reserve Bank of India , in association with capital markets regulator Sebi , is set to extend the currency futures trading time to 7. Sharp currency fluctuations give opportunities to speculators, hedgers and high net-worth individuals to make big money in currency derivatives, including futures.
The currency futures market here is illiquid, but the authorities are trying to improve it. Early this year, the Reserve Bank had to intervene in futures market to curb intraday volatility. According to market trackers, the regulators have been debating the dollar conversion rate, at which any profit earned in that currency will be converted into rupee. Also, some people are clamouring for extension of trading time for all pairs, including the rupee-dollar, up to 9.
People have now mostly agreed to take the RBI daily reference rate for dollar-rupee conversion, they said. Moreover, many corporate investors tap the offshore non-deliverable forwards, or NDF markets, which remain open round the clock, offering greater flexibility.
The central bank has already permitted stock exchanges, including NSE and BSE , to offer cross-currency futures contracts and exchange-traded option contracts in three currency pairs. But, exchanges are yet to introduce those pairs as they await final nod for operational clarity.
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