Cross-Currency Exchange refers to the conversion of one currency directly into another without first converting to US Dollars as an intermediary. For instance, converting Indian Rupees directly into Japanese Yen would be a cross-currency transaction. Cross-currency pairs and swaps are used by multinational corporations, exporters, importers, and institutional investors to manage foreign exchange risk across multiple currency pairs. In India, cross-currency futures contracts (EUR/USD, GBP/USD, USD/JPY) are available for trading on NSE, enabling efficient hedging of non-dollar currency exposures.
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