MUMBAI: Trading volume in dollar-rupee non-deliverable forwards (NDF) at India's offshore finance hub soared to a record high in December as banks and companies lapped up arbitrage opportunities amid a worsening outlook for the rupee.
Banks executed NDF trades worth more than $161 billion at the offshore hub, a sharp rise of 140% from a year ago, data from Clearing Corporation of India showed. The trades had averaged about $111 billion per month over the rest of 2024.
NDF activity by banks' clients spiked by more than 10 times to $39.30 billion last month compared to the total trades between January and November.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Sonu Sood slashes Fateh ticket prices to ₹99 for opening day
Fateh is a tribute to the resilience of the common man. I want everyone, regardless of their circumstances, to experience it.
Amid divorce rumours, Dhanashree slams 'character assassination by trolls'
Dancer-choreographer Dhanashree Verma has been faced with a barrage of negativity online, following rumours of her separation from husband, cricketer Yuzvendra Chahal.
All eyes on Rohit, Bumrah and Shami in CT selection
Selectors are due to name India's squad for the Feb 22-March 9 ICC Champions Trophy on Saturday
Digital Arrest Scams: All You Need To Know
SCAMS: ALL YOU NEED TO KNOW
Australia Tour Rubble Shows Domestic Cricket Deserves More Respect
India suffered two shattering jolts – first New Zealand and now Australia, but in the gloom there is a silver lining, what teams call 'positives'.
Friendship, coaching rivalry and cricket connections
Sitting in the stands of the Birsa Munda Hockey Stadium, Craig Fulton was observing the Indian players in a training session of Hockey India League (HIL) franchise Team Gonasika.
Sinner begins title defence vs Jarry
Jannik Sinner begins his Australian Open title defence against Nicolas Jarry while women's champion Aryna Sabalenka takes on 2017 US Open winner Sloane Stephens after the draw for the year's first Grand Slam was made at Melbourne Park on Thursday.
Mercedes Bets on Smaller Cities Amid Youth Spending
Germany's Mercedes-Benz, fresh off a year of record sales in India, plans to add another 20 dealerships or service outlets in 2025 - mainly in smaller cities where young, well-travelled business owners are indulging in luxury goods.
Sail Supplies 45k Tonnes Steel For Mahakumbh
SAIL, country's largest steel maker, on Thursday said it has supplied approximately 45,000 tonnes of steel for the upcoming Mahakumbh Mela which is one of the biggest religious congregations in the world.
Rupee NDF volume hits record high on arbitrage activity
RBI interventions in the NDF market kept the local and NDF rates on par for much of 2024
