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In 1978 RBI allowed banks to undertake intra-day trading in foreign exchange (although they had to maintain a near square position before end of trade). Between 1975-1992, the Indian currency was pegged to the weighted basket of currencies of India’s major trading partners. This method was replaced by the present form of “market-determined-exchange-rate” in 1993. Help improve contributions In terms of liquidity and volume, minor currency pairs stand a notch below major pairs but significantly above exotic pairs. Indian forex traders can’t access minor currency pairs as of writing this blog.  The price of a currency pair is how much one unit of the base currency is worth in the quote currency. Currency pairs, which can be found within the foreign exchange market, measure the value of one currency against another. The currency pair is split into the ‘base’ currency, which is the first named currency; and the secondary currency, which is called the ‘quote’ currency. The price displayed shows how much of the quote currency is required to buy one unit of the base currency.
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