Average daily gross turnover in the forex market has steadily increased to USD 28.6 billion as of January 31, 2007. The RBI has proposed a further expansion of the access to the options market for corporates by allowing covered options. This will be part of the overall final derivatives policy.
Similarly, we are examining the request of certain commodity companies to hedge their economic exposures in overseas exchanges which was also recommended by the Technical Group on Forex Markets. Finally since this is a body of forex professionals I would like to stress the need to provide efficient and competitive service to individuals and small enterprises.