India's foreign exchange (forex) market has experienced significant growth, with average daily turnover nearly doubling from $32 billion in 2020 to approximately $60 billion in 2024. This expansion reflects the increasing depth and resilience of India's financial markets.?

Key Highlights:

Market Growth: The average daily turnover in India's forex market surged from $32 billion in 2020 to about $60 billion in 2024, indicating a robust increase in trading activity.?

Money Markets Expansion: Over the same period, average daily volumes in the overnight money markets grew from approximately Rs.3 lakh crore to over Rs. 5.4 lakh crore, showcasing enhanced liquidity and investor participation.?

Government Securities Market: The average daily volumes in the government securities (G-secs) markets increased by 40%, reaching Rs.66,000 crore, highlighting the growing interest in government debt instruments.?

Regulatory Reforms: Recent regulatory measures have led to greater product and participant diversity, contributing to the integration of onshore and offshore markets.?