Efforts are currently underway to introduce screen-based negotiated quotedriven dealings in call/notice and term money markets. Information on overnight rates and volumes would be disseminated by the RBI in order to enable market participants to assess the liquidity conditions in an efficient and transparent manner.
The Indian foreign exchange market has been widened and deepened with the transition to a marketdetermined exchange rate system in March 1993 and the subsequent liberalisation of restrictions on various external transactions leading up to current account convertibility under Article VIII of the Articles of Agreement of the International Monetary Fund in 1994.