Within India, RBI regulates spot forex markets, while currency derivatives market is regulated by Sebi. Those suspected to be involved in possible manipulations include some forex traders, as also certain Swiss banks and other European financial institutions, while it is unlikely that any Indian bank or financial services firm might be directly involved, sources said. The issues being probed include possible cartelisation among banks, mostly from Switzerland and some other European countries, in manipulating foreign exchange rates, as also other manipulative practices adopted by forex traders.
In most likelihood, the possible manipulation in rupee trades might have taken place outside India, although the role of certain executives at Indian branches of suspected European banks might not be completely ruled out, they added. The concerns about large NDF Non Deliverable Forward forex market trades in rupee outside India recently came to the fore after a sharp plunge in rupee value in recent months.
Rupee had slipped to a life-time low of The NDF is a foreign exchange derivative instrument traded over-the-counter. Educate yourself on the risks associated with foreign exchange trading and seek advice from an independent financial or tax advisor if you have any questions. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making.
None of the blogs or other sources of information is to be considered as constituting a track record. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. As with all such advisory services, past results are never a guarantee of future results.


The Department of Justice has been asking bankers and clients how much sales teams charge customers to exchange currency, the people said, asking not to be identified because the interviews are private.
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