The RBI has reduced trading hours for foreign exchange and money markets products to between 10 am and 2 pm, to battle the spread of COVID-19. The move will be effective from Tuesday, 7 April, up to Friday, 17 April, both days inclusive.
In a press release on Friday, 3 April, the RBI notified the reduction in trading hours of various markets, amid risks of the COVID-19 pandemic spreading further.
“The unprecedented situation created by the COVID-19 outbreak has necessitated lockdowns, social distancing, restrictions on movement of people and non-essential activities, work from home arrangements and business continuity plans. The resultant dislocations have adversely impacted the functioning of financial markets.”RBI press release
The release goes on to state that trading hours have been revised “in order to minimise these risks and to ensure that market participants maintain adequate checks and supervisory controls”.
All banking operations for regular customers like RTGS and NEFT facilities will continue as they exist, the release adds.