Amended Trading Hours Of Currency, Debt Markets To Continue Till Further Notice: RBI
The Reserve Bank of India (RBI) on Thursday said that amended trading hours i.e. 10 am to 2pm, of currency and debt markets will remain effective, till further notice. In a statement, the RBI said there is a likelihood of extension of lockdown in major cities like Mumbai or easing of the restrictions in a limited manner.
"In view of persisting operational dislocations and elevated levels of health risks warranting continuing restrictions on movement, work from home arrangements and business continuity plans, it has been decided that the amended trading hours i e, from 10.00 am to 2.00 pm for RBI-regulated markets...shall be extended till further notice," it said.
Earlier, on 16 April, the central bank had issued a release stating that the altered trading hours would be in effect till 30 April. However, the fresh announcement suggests that the same has now been extended indefinitely.
In its earlier release, RBI had mentioned the "unprecedented situation created by the COVID-19 outbreak" and the "resultant dislocations" caused due to social distancing and other prescribed norms as reasons behind volatility in the markets and had therefore changed the trading hours.
The RBI regulated markets include, ''call/notice/term money'', ''market repo in government securities'', ''commercial paper and certificates of deposit'', ''repo in corporate bonds'', ''government securities'', ''foreign currency (FCY)/Indian Rupee (INR) trades'' and ''Rupee Interest Rate Derivatives''.
In March, the timings of commodity derivatives had also been revised. Leading stock exchanges BSE and NSE advanced the closing timing for commodity derivatives segment to 5 pm (from mid-night).
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