# Banks enter offshore rupee NDF market

> Banks operating from GIFT City, India's international financial centre, began trading offshore rupee non-deliverable forwards for the first time on June 1. Inter-bank deals of $150-200 million took place, and the RBI allowed the move to limit NDF market volatility spilling into onshore trading.

- Date: 2020-06-02 · published 2020-06-02T12:00:00.000Z
- Category: macro · region India · magnitude low
- Page: https://feedsoft.ai/events/52902-banks-enter-offshore-rupee-ndf-market
- Commodities: [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

The move improves rupee price discovery and may reduce volatility affecting Indian import costs. It has no meaningful direct effect on global feed commodity prices.

## Read by commodity

- USDINR: neutral

## Sources

- livemint.com: https://www.livemint.com/industry/banking/banks-enter-offshore-rupee-ndf-market-11591127338854.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.