SBI halts trading in forex markets due to strike1 min read . Updated: 22 Aug 2012, 12:53 PM IST
SBI halts trading in forex markets due to strike
Mumbai: State Bank of India (SBI) has halted trading in its onshore spot foreign exchange markets so far in the day because of the nationwide banking strike, three sources at India’s biggest lender told Reuters on Wednesday.
“So far, we are not bidding nor are we offering. There is a huge counter-party risk in a situation like this and if we cannot honour settlements due to our other branches being on strike, we have our image at stake and cannot risk that," a senior trader with the bank said.
However, all three sources said the bank would be reviewing the situation later in the day and could start trading if there is any improvement. Reuters
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