New Delhi: India’s foreign exchange market has witnessed remarkable growth over the past four years, nearly doubling from $32 billion in 2020 to $60 billion in 2024, according to Reserve Bank of India (RBI) Governor Sanjay Malhotra.
Speaking at the 24th Annual Conference of the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and the Primary Dealers Association of India (PDAI) held in Bali, Governor Malhotra highlighted the transformation of India’s financial landscape, crediting robust policy measures and market resilience for the rapid expansion.
He noted that the average daily turnover in the overnight money markets surged significantly during the same period — rising from Rs 3 lakh crore to over Rs 5.4 lakh crore.
Additionally, the average daily trading volume in the government securities market jumped by 40%, reaching Rs 66,000 crore.
“India’s financial markets have evolved into a dynamic and resilient engine of economic growth,” Malhotra said, emphasizing the strides made in transparency, depth, and participation.
The Governor also underscored that transparency levels in Indian markets now match global standards. Citing recent regulatory reforms, he said these have not only broadened the range of financial products and participants but also ensured tighter integration between onshore and offshore markets.
The remarks reflect growing confidence in India’s financial ecosystem as it continues to attract global attention for its scale, efficiency, and increasing openness.
