RBI Expands Retail Forex Options with New Currency Pairs

The Reserve Bank of India (RBI) is planning to expand its retail foreign-exchange platform, FX-Retail, by introducing five new currency pairs. The additions include the euro, British pound, Swiss franc, Canadian dollar, and United Arab Emirates dirham. This move aims to provide customers with a wider range of currencies for forex transactions.

The RBI launched the web-based FX-Retail platform in 2019 as an alternative channel for accessing foreign-exchange services. The platform allows retail users to access forex services through an electronic marketplace, and transaction activity has since increased, with average daily volumes reaching around USD 100 million.

These planned additions come as the central bank seeks to expand the range of currencies available through its retail forex infrastructure. The RBI intends to subsequently add more currencies, including the Japanese yen, Australian dollar, Singapore dollar, Hong Kong dollar, and New Zealand dollar.