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Rediff.com  » Business » Bank strike: Traders see thin volume in forex mkts

Bank strike: Traders see thin volume in forex mkts

Last updated on: August 22, 2012 17:32 IST

Bank strike: Traders see thin volume in forex mkts


V
olume and liquidity in the forex markets were low on Wednesday due to strike by public sector bank employees, traders and treasury officials said."Most probably, big banks have stayed away from the spot markets. But it is very difficult to verify as of now," currency strategist at Geojit Comtrade Hemal Doshi told PTI.

Employees of public sector banks belonging to some unions are on nationwide for two days from today opposing banking sector reforms and outsourcing of non-core activities, affecting operations.

"Volume and liquidity in the forex market was low today as many of the public sector banks were not there in the market due to the strike," Doshi said.

Referring to the impact of strike on treasury operations, a official from IDBI Bank said that operation was normal for the bank.

"Volume was not that great today as many of the PSBs are not as active due to the strike. Also, there were not many clients in the market as they had already made alternate arrangements due to the strike," he said, adding treasury operations are normal for the bank.

A top official from state-run Vijaya Bank also said treasury operations including forex were normal for the bank.





Source: ANI