Home >Companies >SBI halts trading in forex markets due to strike


SBI halts trading in forex markets due to strike

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

Also Read | Bank employees on 2-day strike from today

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
My Reads Redeem a Gift Card Logout