| In a move that could see a gradual shift of the onshore currency market to offshore, two leading global exchanges — Intercontinental Exchange (ICE) and CME Group — will launch foreign exchange futures contracts on the Indian rupee on January 22 and 28, respectively.
Already, an over-the-counter (OTC) USD-INR non-deliverable forward (NDF) offshore market for trading in currencies that have no full convertibility, such as the Indian rupee, is in existence, but experts reckon that the launch of standard rupee futures contracts on the two American exchanges will lure foreign investors, who are now prohibited from participating in the Indian OTC and exchange-traded markets...............................................Full Article: Source
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