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RBI curtails currency market timings due to coronavirus outbreak

Last Updated 03 April 2020, 12:04 IST

In a major move to avert the volatility in the financial instruments, the Reserve Bank of India has substantially curtailed the timings of the currency and debt markets by up to 5 hours in India till April 17.

“The resultant dislocations have adversely impacted the functioning of financial markets. Staff and IT resources have been severely affected, posing operational and logistic risks. The thinning out of activity is impacting market liquidity and increasing volatility of financial prices,” the Reserve Bank said in a circular.

In order to minimise these risks and to ensure that market participants maintain adequate checks and supervisory controls while optimising thin resources and ensuring the safety of personnel, it has been decided to revise trading hours for various markets, it added.

These arrangements will become effective from April 7, 2020, and continue up to April 17, 2020.

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(Published 03 April 2020, 10:43 IST)

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