Forex trading, short for foreign exchange trading, involves the buying and selling of currency pairs with the objective of profiting from changes in exchange rates. The global forex market is the largest and most liquid financial market in the world, with daily trading volumes exceeding USD 7 trillion. In India, retail forex trading is tightly regulated by SEBI and RBI — Indian residents are permitted to trade currency derivatives (futures and options) only on recognised exchanges such as NSE, BSE, and MSE, with contracts available on USD/INR, EUR/INR, GBP/INR, and JPY/INR pairs. Spot forex trading by retail investors through overseas platforms or brokers is prohibited under FEMA (Foreign Exchange Management Act). Currency derivatives are widely used by Indian exporters and importers to hedge their foreign currency receivables and payables respectively. Speculative forex trading through unregulated offshore platforms remains illegal in India and carries significant legal and financial risk.
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