Mumbai, November 10 (Language) Trading in the foreign exchange market was affected on Friday due to a technical glitch in a trading ‘platform’.
According to sources, an electronic trading platform malfunctioned in the afternoon. Due to this, some participants were not able to log in to the system.
He said that in such a situation orders were lost and uncertainty increased in the foreign exchange market. This led to extreme volatility in the Indian rupee, which could have been avoided.
The rupee, which had hovered around 83.30 against the dollar for several weeks, broke down on volatility and fell to 83.50 before closing at 83.34 at the end of the trading session, according to market participants.
A source said the Reserve Bank of India has asked the platform to find out the root cause of the outage. The central bank has also asked to investigate whether this happened due to system failure or human error.
Language Pandey Raman