The first trade in EUR/USD was executed by a major Indian private sector bank on the EBS Market on January 24 and spot USD/INR (US dollar/Indian rupee) is now available for onshore bank customers to trade. The Indian rupee is already one of the top 20 most traded currencies globally and this is set to increase when it becomes fully convertible.

In a first for an electronic trading platform in India, the INR Fix is now also available for onshore bank customers to trade on the EBS Market and will provide traders with the ability to match corresponding interests to buy and sell trades.

In addition to spot USD/INR and the INR Fix, banks in India that satisfy eligibility criteria now have the opportunity to trade all G7 currencies available on the EBS Market, in addition to a wide range of emerging market currency pairs.

Darryl Hooker, global head of emerging market sales at EBS, said: "India is a market with tremendous growth potential and this marks an exciting new development for EBS, with more than 20 banks now ready to access the largest source of genuine, executable spot FX liquidity. EBS Market customers in India will be able to trade in a stable environment that promotes fair access for all participants, on a system supported by robust, proven technology."