•  The FII limit for investment in corporate bonds has been hiked to USD 15 billion from USD 6 billion. 4. The Indian foreign exchange market has grown significantly in the last several years. The daily average turnover has gone up from about USD 5 billion per day in 1998 to more than USD 50 billion per day in 2008.
There is also evidence of growing merchant turnover reflecting the huge increase in external transactions. The bid offer spreads are also narrow. 5. The spot foreign exchange market remains the most important segment but the derivative segment has also grown.