The forex market in India operates as an over-the-counter (OTC) market, which means that it is decentralized and does not have a physical location. However, forex trading in India is regulated by the Reserve Bank of India (RBI) and is only allowed through authorized dealers, who are typically major banks.
The forex market in India is also influenced by the trading sessions in the major financial centers of the world, such as London and New York, as well as the trading sessions in other Asian markets, such as Tokyo and Hong Kong.
Here are the approximate opening and closing times of the major trading sessions in India, based on Indian Standard Time (IST):
- Sydney Session (Asian Session): This session begins at 5:00 am IST and ends at 2:00 pm IST.
- Tokyo Session (Asian Session): This session begins at 6:00 am IST and ends at 3:00 pm IST.
- London Session (European Session): This session begins at 1:30 pm IST and ends at 10:30 pm IST.
- New York Session (North American Session): This session begins at 8:00 pm IST and ends at 5:00 am IST.
It is important to note that these times are approximate and may vary based on factors such as daylight saving time and market holidays. Additionally, some traders in India may also trade during the Asian trading sessions, which can be more convenient due to the time zone.