At the ASEAN Central Bank Governors' Meeting in April, the central banks of Thailand, Indonesia, Malaysia and the Philippines charted a framework to promote trade and investment in local currencies in a move to trim exposure to volatile global markets.
An order from the Indian government in January 2019 exempted Rupee payments made to the National Iranian Oil Co (NIOC) for crude oil imports from a steep withholding tax, thus allowing Indian refiners to settle $1.5 bn payments to NIOC.
Market practitioners are watching these developments closely. What does this trend of using local currencies in settlement of trade mean for the FX market? Will it help reduce transaction costs and foreign exchange risks? The wider use of local currencies will also promote economic and financial integration, spurring further development of the region’s foreign exchange and financial markets.
The State of FX Markets in India and ASEAN in 2019 puts together the views of Bloomberg Intelligence economists, analysts and FX experts to help you steer the FX markets in the emerging economies of ASEAN and India.
We have included primers to help you get up to speed on how short, medium and long-term factors influence exchange rates, outlook and opportunities in emerging market currencies and best practices in adoption of electronic trading in FX markets.
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