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Financial Markets Department (FMD) to operate in domestic foreign exchange market

The Financial Markets Department (FMD) of the Reserve Bank of India has started to conduct the Reserve Bank’s operations in the domestic foreign exchange market from January 2, 2006.

FMD in July 2005, was entrusted with monetary operations, such as, open market operations, liquidity adjustment facility and market stabilisation scheme, regulation and development of money market instruments and monitoring of money, government securities and foreign exchange markets. Inclusion of foreign exchange market operations in FMD’s functions would help the Reserve Bank achieve the desired integration in its conduct of monetary operations.

The restructuring of domestic financial market operations in this manner is expected to strengthen monetary, debt management and reserves management functions of the Reserve Bank by moving towards functional separation in these objectives.

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