Currency trading fast in LudhianaAlike some people, who in equity market buy shares at low price and sell them few hours later after prices of share increase, people in city have adopted currency trading. The concept that came into existence around half-a-year ago was basically for the benefit of exporters and importers, to whom a little fluctuation in dollar prices at the time of making payments or receiving, made a big difference.
As importers and exporters are adopting the facility to secure their money while trading at international level, general public too has started buying and selling dollars, though they do not do it for foreign trading, but to get benefited through the margins that a dollar leaves when its price in comparison to rupee increases. The popularity of this new trading system can been gauged from the quantum of trading in country per day. The Indian currency market for a day is around ten lakh lots, whereas a lot is equal to one thousand dollars, claimed Vishal Sharma, assistant branch head, Religare Securities Limited.
‘This is a more investor friendly system as currency trading is possible from 9 am to 5 pm,’ informed Summit Janghwal, chief branch manager, India Bulls Securities. ‘The margin between the selling and buying price is what they earn,’ said Summit admitting that people indulge in speculative trading, but added that not every time they are at a better footing.
Informing that trade is monitored through NSE, he said, ‘Importers and exporters using this facility, can secure their money despite fluctuations in dollar prices.’ He elaborated that fluctuations in dollar prices sometimes make a big impact on the money, when it is converted into rupees.
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