New Delhi, April 3: The Reserve Bank of India on Friday revised the trading hours for the various market amid the Coronavirus outbreak. Currency and debt markets will open at 10:00 am and close at 2:00 pm till April 17, the RBI said in a notification. The new timings will come into force from April 7, Tuesday, and continue till April 17, both days inclusive. Bank Loan EMIs: RBI Recommends 3-Month Moratorium And Interest Deferment on All Loans Amid COVID-19 Crisis.
"The unprecedented situation created by the COVID-19 outbreak has necessitated lockdowns, social distancing, restrictions on the movement of people and non-essential activities, work from home arrangements and business continuity plans. The resultant dislocations have adversely impacted the functioning of financial markets. Staff and IT resources have been severely affected, posing operational and logistic risks. The thinning out of activity is impacting market liquidity and increasing volatility of financial prices," RBI said in the notification.
"In order to minimise these risks and to ensure that market participants maintain adequate checks and supervisory controls while optimising thin resources and ensuring the safety of personnel, it has been decided to revise trading hours," the notification added. RBI Reduces Repo Rate by 75 Basis Points to 4.4%; Reverse Repo Rate Reduced by 90 Basis Points to 4% Amid COVID-19 Outbreak
As per the circular, Trading in These Markets will be From 10 am to 2 pm:
- Foreign currency/Indian rupee trades, including derivatives
- Rupee interest rate derivatives
- Government bond markets
- Tri-party repo in government securities
- Commercial paper and certificate of deposit
- Repo in corporate bonds
- Call money/term money
- Market repo in government securities
Note: The revised trading hours don't apply to products traded on recognised stock exchanges
Meanwhile, India has entered tenth day of lockdown to contain the spread of novel coronavirus pandemic. So far 2,301 cases have been reported in the country, including, fifty-six deaths, the Union Health Ministry said.