Indian Foreign Exchange is a exchange between the currencies of two different countries these currencies are traded among each other and exchange rates are announced daily for the current market prices.
Indian Foreign Exchange market is a place where different currencies are traded in terms of Indian Rupee (INR), it helps in import and export of goods on credit as well as a normal person trades in this market to earn some impressive bucks.
1969 is the Year in which banks were nationalized in India
In India MCX’SX (Multi Commodity Exchange Stock Exchange) and NSE (National Stock Exchange) Provides currency derivatives to be traded in the market. Indian Foreign Exchange Market is a least risky among other equity and commodity markets, NSE and MCX’SX provides Futures and Options Contracts to be traded in Indian Foreign Exchange Market.
These currency are traded in pairs like currently in India there are four pair trades are available in currency market i.e. USDINR, GBPINR, EURINR and JPYINR.
USDINR is a pair of US dollar (USD) and Indian Rupee (INR) where USD is a base rate and this pair is valued in terms of Indian Rupee. For Example: Current USDINR pair price is 54.9500 (in words: Fifty four rupees and ninety five paisa)
GBPINR is a pair of Sterling Pound (GBP) and Indian Rupee (INR) where GBP is a base rate and this pair is valued in terms of Indian Rupee. For Example: Current GBPINR pair price is 83.8200 (in words: Eighty three rupees and eighty two paisa)
EURINR is a pair of Euro (EUR) and Indian Rupee (INR) where EUR is a base rate and this pair is valued in terms of Indian Rupee. For Example: Current EURINR pair price is 70.7500 (in words: Seventy rupees and seventy five paisa)
JPYINR is a pair of Japanese Yen (JPY) and Indian Rupee (INR) where JPY is a base rate and this pair is valued in terms of Indian Rupee. For Example: As Indian rupees is broader than Japanese Yen therefore the current JPYINR pair price is 0.5374 (in words: Fifty three paisa only)
So, In this post I have disclosed that what Indian Forex market is and what currencies are traded in this market. In our next post we will tell you that how to start a business in Indian Foreign Exchange or Currency market with low investment, so stay tuned!
PART-1: What is Indian Foreign Exchange or Currency Market?
PART-2: How to Start Business in Indian Currency Market?
PART-3: How to Earn Money from Indian Currency/Forex Market?
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