RBI Expands Retail Forex Platform with New Currency Pairs

The Reserve Bank of India (RBI) is expanding its retail foreign-exchange platform to include five new currency pairs. This move aims to increase access for individuals looking to transact in major global currencies, making it easier for them to meet their forex needs.

According to RBI Chief General Manager Dimple Bhandia, the FX-Retail platform will now offer currency pairs for euro, British pound, Swiss franc, Canadian dollar, and Emirati dirham. Additionally, the central bank plans to add Japanese yen, Australian dollar, Singapore dollar, Hong Kong dollar, and New Zealand dollar to the platform.

The expansion of the FX-Retail platform comes after it gained popularity with average daily transaction volumes reaching around $100 million. The RBI launched the web-based platform in 2019 to provide a cheaper alternative for foreign-exchange transactions, which were previously subject to high margins charged by banks.