Online currency trading service in the UK and Europe

May 6, 2009 by Prakash Dhawan · Leave a Comment
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Forex com’s user-friendly service enables customers to trade the world’s major currencies, including the British Pound, Euro and U.S. Dollar, as well as gold and silver, 24 hours a day, five days a week.

Glenn Stevens, CEO, GAIN Capital, comments: “Forex is a trader’s market, and retail investors around the world are increasingly aware of all this market has to offer. FOREX.com has established a strong leadership position in the United States and we believe our service will be well-received by traders in the UK and European markets looking for a well-capitalized firm that offers premium trading tools and research, competitive pricing and, of course, a solid reputation.”

Matthew Wright, Regional Director, FOREX.com UK, adds: “As a result of the financial crisis, retail investors have lost faith in the stock markets and are unhappy with low interest rates on savings. In lieu of traditional investments, research shows retail investors are increasingly looking at alternative asset classes such as forex as an opportunity to generate positive returns.”

Forex is the most traded market in the world, with a daily volume that exceeds $3.2 trillion, according to the Bank for International Settlements (BIS). Forex trading is one of the fastest growing areas of trading among retail investors, according to Aite Group, an independent financial services research firm. By the end of 2007, average daily trade volume in the retail forex market reached $77 billion, an increase of 670% over 2001. Aite Group estimates retail forex daily trading volume will reach $110 billion by 20091.

Forex.com’s award-winning margin trading platform provides streaming executable quotes in 37 currency pairs, advanced charting and technical analysis tools and sophisticated order management. Traders also receive expert market commentary and analysis from the FOREX.com research team, including intraday, daily and weekly research reports covering both fundamental and technical market trends.

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Forex reserves rise by $631 million

May 1, 2009 by Prakash Dhawan · Leave a Comment
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The country’s foreign exchange reserves increased by $631 million to $253.09 billion during the week ended April 24, mainly on account of revaluation of currencies.

According to the data released by the Reserve Bank of India (RBI), foreign currency assets alone went up by $624 million to $242.53 billion at the end of April 24, 2009.

Foreign currency assets include the effect of appreciation or depreciation of the euro, the sterling and the yen held in the forex reserves, but not the $250 million invested in foreign currency-denominated bonds issued by the India Infrastructure Finance Company (UK).

In rupee terms, the forex reserves increased by Rs 8,733 crore to Rs 1,264,900 crore. During the period under review, the rupee had appreciated by 1.04 per cent to 49.81 on April 24, 2009 from 50.33 on April 20, 2009 due to an inflow of foreign money into the system.

Foreign institutional investors (FIIs) have been net buyers in the Indian equity market for the last couple of weeks as they see the global economic situation reviving and also find stock valuations attractive at the moment.

Overseas investors bought shares worth $216 million in the Indian bourses during the week ended April 24 and $433 million during the week before that.

Gold and special drawings right remained unchanged in the reserve. While India’s reserve position at the International Monetary Fund (IMF) went up by $7 million to $983 million during the week under review.

The reserve money, which includes currency in circulation, bankers’ deposit with RBI and other deposits with the central bank, grew by 8.1 per cent on a year-on-year basis to Rs 9,60,186 crore for the week ended April 24, 2009.

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