India Foreign Exchange Market Size, Share, Growth Trends, Analysis & Forecast Report 2033 | Get Sample Report

According to IMARC Group’s report titled "India Foreign Exchange Market Size, Share, Trends and Forecast by Counterparty, Type, and Region, 2026-2034" the report offers a comprehensive analysis of the industry, including market share, growth, trends, and regional insights.

Market Overview:

The India foreign exchange market size was valued at USD 33.4 Billion in 2025. Looking forward, the market is estimated to reach USD 68.8 Billion by 2034, exhibiting a CAGR of 8.40% over the forecast period 2026-2034. The market growth is driven by rising remittances from Non-Resident Indians, increased Foreign Portfolio Investment inflows, and strong growth in services exports, particularly in IT and business services. This robust expansion is supported by strategic monetary policies and favorable global economic factors.

Industry Key Highlights:

• Market Size in 2025: USD 33.4 Billion 
• CAGR (2026-2034): 8.40% 
• Market Size in 2034: USD 68.8 Billion
• Significant rise in remittances from Non-Resident Indians (NRIs) with total outstanding deposits at USD 153 Billion by August 2024.
• Strengthening foreign exchange reserves, which increased by USD 68 Billion in FY24.
• Foreign Portfolio Investments reached USD 44.1 Billion in FY24, aiding capital flow stability.
• Robust growth in services exports, rising from USD 204.76 Billion in 2018-2019 to USD 341.25 Billion in 2023-2024.
• India's foreign assets rose to USD 1,028.3 Billion, reflecting increased overseas investments.

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Emerging Trends in India Foreign Exchange Market :

• Continued rise in NRI remittances with deposits increasing to USD 7.8 Billion from April to August 2024.
• India remains the world’s largest recipient of remittances, contributing to forex reserve growth and domestic economy support.
• Foreign Portfolio Investments facilitating financing of the current account deficit which narrowed to USD 23.2 Billion.
• Services exports showed strong growth with a CAGR of 10.76%, reaching USD 341.25 Billion in 2023-2024.
• Growing participation of institutional investors and corporations in FX options for managing currency risk.
• Advances in fintech and data analytics improving trading strategies and increasing market transparency.
• Expansion of reporting dealers and financial institutions using algorithmic trading and electronic platforms for forex transactions.
• Increasing use of derivatives like futures and options by financial institutions to mitigate foreign currency risks.
• Growth in digital platforms and mobile applications for forex trading expanding customer base among non-financial clients.

Scope & Growth Factors:

• Significant increase in remittances from Non-Resident Indians (NRIs) reflecting growing confidence in the Indian economy.
• Strengthening of India’s foreign exchange reserves by USD 68 Billion in FY24, providing currency stability.
• Rising Foreign Portfolio Investment (FPI) inflows amounting to USD 44.1 Billion in FY24, boosting investor confidence.
• Strategic monetary policy decisions and interest rate adjustments by the Reserve Bank of India (RBI) stabilizing the Indian Rupee.
• Robust growth in services exports, particularly IT and business services, enhancing foreign currency supply.
• Increase in Foreign Direct Investment (FDI) reaching USD 1 Trillion since April 2000, with USD 42.1 Billion inflows in H1 FY24.
• Fluctuations in global oil prices impacting the Rupee, due to India's status as a major oil importer.
• Geopolitical tensions and shifts in global monetary policy influencing foreign exchange demand.
• Government initiatives like Make in India enhancing export growth and forex transaction demand.

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India Foreign Exchange Market Segmentation

Analysis by Counterparty:

• Reporting Dealers
• Other Financial Institutions
• Non-financial Customers

Analysis by Type:

• Currency Swap
• Outright Forward and FX Swaps
• FX Options

Regional Analysis:

• South India
• North India
• West & Central India
• East India

Recent Developments & News:

• December 10, 2024: BookMyForex.com launched "Lowest Rate Guarantee" and "Crazy Cashback Sale," offering up to INR 7,500 cashback on forex services, targeting growth amid increasing travel.
• April 1, 2024: Zinnia Corporate Holdings completed acquisition of Ebix’s North American Life and Annuity Assets to expand life and annuity technology presence.
• May 28, 2024: Infosys collaborated with Commerzbank and Murex to launch unified trading platform integrating FX, derivatives, equity, and commodities.
• July 2, 2024: ICICI Bank introduced Student Sapphiro Forex Card with benefits worth INR 15,000, supporting 15 currencies and digital reloading.

Key Highlights of the Report:

• Comprehensive quantitative analysis of market segments, trends, and forecasts from 2020 to 2034.
• Latest insights on market drivers, challenges, and opportunities.
• Porter’s Five Forces analysis for competitive assessment.
• Detailed competitive landscape with profiles of major players.
• Regional market assessment covering South, North, West & Central, and East India.

Competitive landscape:

The report offers an in-depth examination of the competitive landscape, including market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

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