Head of Accountancy Department, Smt C.D.J Rofel Arts & Smt I.S.R.A Rofel Commerce College, Vapi (Gujarat)
*Authors Correspondence: Head of Accountancy Department, Smt C.D.J Rofel Arts & Smt I.S.R.A Rofel Commerce College, Vapi (Gujarat)
Online published on 12 May, 2017.
The Foreign exchange market plays significant role in the global trade in determining the strength of an economy and its growth. It is essential for international finance. The foreign exchange market India is growing very rapidly. The annual turnover of the market is more than $400 billion. This transaction does not include the inter-bank transactions. The Indian foreign exchange market consists of the buyers, sellers, market intermediaries and the monetary authority of India. The foreign exchange market is not limited by any geographical boundaries. It does not have any regular market timings, operates 24 hours 7 days week 365 days a year, characterized by ever-growing trading volume, exhibits great heterogeneity among market participants with big institutional investor buying and selling million of dollars at one go to individuals buying or selling less than 100 dollar.
Foreign Exchange Market in India operates under the Central Government of India and executes wide powers to control transactions in foreign exchange. The Foreign Exchange Management Act, 1999 or FEMA regulates the whole Foreign Exchange Market in India. This paper is about role foreign exchange market in economy. It also discussed about forex market, details about trading volume, market participants, different types of forex products.
Foreign Exchange, Foreign Exchange Market, International Finance, FEMA
