RBI Governor Advocates Expansion of Currency Trading Beyond USD-INR

In a push for the internationalization of the Indian rupee, Reserve Bank of India (RBI) Governor Sanjay Malhotra encouraged the Clearing Corporation of India Ltd (CCIL) to expand its currency trading capabilities beyond the USD-INR pair. Speaking at CCIL's 25th-anniversary celebration, Malhotra highlighted the institution's role in the next phase of financial market development.

The Governor urged CCIL to remain proactive in leveraging technology and expanding its risk management services. He stressed the importance of staying ahead in offering advancements to the domestic market, aiming to provide a world-class experience and facilities.

Malhotra further applauded CCIL's expansion into GIFT City and highlighted the success of its trade repository, now encompassing offshore banks and related entities. He emphasized strengthening automation in reporting and increasing market liquidity by widening platform reach to corporates and non-resident investors.

(With inputs from agencies.)