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Forex history dates back in the year 1978, When RBI (Reserve bank of India), apex bank of India, took a historic decision, which allowed Banks to undertake intraday trading in foreign currency exchange. Before currency trading came into picture, value of Indian currency was determined by RBI, in terms of basket of currencies, who were India’s major trading partners. There were significant amount of restrictions on current account transaction. As the time passed, many reforms were introduced in the market, two step downward adjustment in the exchange rate of Indian rupee, so that it could have a suitable value in line with inflation differential to keep export competitiveness intact.