Abstract Views :190 |
PDF Views:1
Authors
Affiliations
1 Department of Commerce & Management,
Vinoba Bhave University, Hazaribag, Jharkhand, IN
2 Department of Commerce, Vinoba Bhave University, Hazaribag, Jharkhand, IN
Source
International Journal of Innovative Research and Development, Vol 5, No 9 (2016), Pagination: 312-318
Abstract
With the formation of International Monetary Fund, Forex market was emerged as a unique services market. It is a distinct trading market where awareness about market is the only way to make money to contribute in your concerned economy. Since inception of this market, US Dollar was the central unit of account and vehicle currency for settlement of international transactions. Still US Dollar has an unbeaten dominance with around 87% share in global Forex market.
In India, examples of forex trades in ancient period are businesses through silk route, export of carpets to Arabian countries or export of spices to European continent. But a formal Forex market existed since 1973 when India introduced the Foreign Exchange Regulation Act (FERA). Now the market has completed almost four decades, but still its share in global market is non recognizable.
In this paper we explore the dynamics of Indian forex market. We will analyze global presence of this market after FERA /FEMA regime. We will explore the possibility to promote Rupee-dominated export to make this market more vibrant along with the awareness of Indian citizen about this more profitable product.
The analysis has several limitations that should be kept in mind when giving the conclusion. One of such limitation is limited availability of authentic data on global foreign exchange market. We plan to address this limitation in our future work. We expect that the basic intuition developed in this paper will offer an opportunity to more research on the concerned topic.
Full Text
