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Dollar exchange rate was Rs. Never choose an international Forex broker, especially if you are advised against it, but Non-resident Indians are free to choose a Forex broker of work at home jobs suffolk choice according to the laws applicable in their jurisdiction. India is one of the countries with the biggest gap between the rich and poor, but that does not affect Forex companies. Therefore, Converting the INR to USD or other currencies for the sake of trading the FX forex trader in india with overseas Forex brokers is considered to be an illegal activity that can attract severe fines and even prison time. So first, maybe we should try and clarify the situation. If a broker promises to offer other currency pairs, check the legality of the broker and ensure that their services are in line with the regulatory guidelines imposed on them by the SEBI. International Brokers and Restrictions for Residents Internationally established brokers are not illegal, only Indian citizens are not allowed to use online platforms, and are restricted to trading with INR and SEBI registered brokers. Yes, there are a number of offshore online brokers which allow Indian residents to trade foreign currencies online, but the ruling from the Royal Bank of India is that it is not allowed. The dollar is trading at Rs 64, you feel that price is going to appreciate and expected to reach at Rs 67 in few months you can enter into a long position by buying USDINR contract on the exchange. You might have noticed that the value of the dollar is going up every day. Indeed, it is so new some potential investors are confused as to whether it is legal. Well, it turns out that it is half-way legal, and that trading currencies is allowed if the traded currency pair includes the INR Indian Rupee. Example — Suppose you want to take advantage of growing price of a dollar.
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