More than 20 times the volume a year earlier.
The markets shrugged off Reserve Bank of India’s decision to leave rates unchanged at 7.5%.
SGX reports that SGX INR/USD currency futures achieved a record daily volume of 32,055 contracts (over US$ 1b in notional turnover) traded on 8 April.
Fresh US dollar sales by banks and exporters due to the greenback’s weakness led to the rupee’s gains.
SGX adds that since the beginning of the year, the Indian rupee has bucked the trend of other emerging market currencies, holding its own against the greenback instead of weakening. It has gained 1.35% against the US dollar to date, outperforming most other Asian currencies such as the Singapore dollar and Indonesian Rupiah, which have retreated between 3.7% and 4.4% respectively against the US dollar.
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