The euro and U.S. dollar made up more than ***** of 10 SWIFT payments worldwide in 2025, outperforming many other currencies. This is according to a monthly report meant to track the market share of China's yuan renminbi within the international bank transfer system SWIFT. Although China holds the largest forex reserves in the world, the yuan ranked as the ******-used currency in international payments. The figures concern customer-initiated and institutional payments and exclude trade. Discussions on the potential weakening role of the U.S. dollar especially touch world trade and forex. For example, the share of the USD in forex reserves declined visibly against the euro and Japanese yen in 2024. What sparked this de-dollarization trend, and will it continue? Trade sanctions and de-dollarization De-dollarization in 2024 is mentioned mostly alongside trade and the BRICS countries - an informal name given to Brazil, Russia, India, China, and South Africa. The combined GDP of BRICS is about ** percent of the world's economy. After the start of the Ukraine war and Russia received economic sanctions, the BRICS slowly evolved into a trading bloc. The group increasingly wanted its own currency to settle payments within the trade bloc, to avoid using the U.S. dollar. In August 2024, BRICS will gather in South Africa to discuss the creation of such a new joint currency. Additionally, ** countries - including Argentina, Algeria, Egypt, Saudi Arabia, Turkey, and Yemen - expressed interest in joining the BRICS group. CBDC, or projects into a digital payment settlement A factor of future uncertainty for the U.S. dollar is how central bank digital currencies (CBDC) develop in emerging countries. Several projects exist between individual countries that specifically target cross-border interbank payments. A cooperation between Thailand and Hong Kong, Inthanon-Lionrock, ranks as the most advanced of these projects. CBDC does not require the U.S. dollar to function. Tangible such as commodities or gold can back them. The value of transactions processed with CBDC is to grow by ******* percent between 2024 and 2030.

Key information about India Foreign Exchange Reserves

• India Foreign Exchange Reserves was measured at 537.7 USD bn in Jan 2025, compared with 547.5 USD bn in the previous month
• India Foreign Exchange Reserves: USD mn data is updated monthly, available from Apr 1989 to Jan 2025
• The data reached an all-time high of 617.1 USD bn in Sep 2024 and a record low of 1.1 USD bn in Jun 1991

• In the latest reports, India Foreign Exchange Reserves equaled 9.2 Months of Import in May 2023.
• Its Money Supply M2 increased 765.5 USD bn YoY in Nov 2024.
• India Domestic Credit reached 3,168.1 USD bn in Dec 2024, representing an increased of 11.1 % YoY.
• The country's Non Performing Loans Ratio stood at 2.8 % in Mar 2024, compared with the ratio of 3.9 % in the previous year.
• Household Debt of India reached 17.1 % in Mar 2024, accounting for 17.1 % of the country's Nominal GDP.

Foreign Exchange Reserves in India decreased to 690720 USD Million in August 22 from 695110 USD Million in the previous week. This dataset provides the latest reported value for - India Foreign Exchange Reserves - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Foreign Exchange Reserves in China decreased to 3292000 USD Million in July from 3317000 USD Million in June of 2025. This dataset provides - China Foreign Exchange Reserves - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Currency Conversions: US Dollar Exchange Rate: Average of Daily Rates: National Currency: USD for India (CCUSMA02INM618N) from Jan 1957 to Jul 2025 about India, exchange rate, currency, and rate.

Foreign Exchange Reserves in Bangladesh decreased to 29799.80 USD Million in July from 31772 USD Million in June of 2025. This dataset provides - Bangladesh Foreign Exchange Reserves - actual values, historical data, forecast, chart, statistics, economic calendar and news.

India Foreign Exchange Rate: RBI: Interbank: US Dollars: Close data was reported at 72.485 INR/USD in 28 Sep 2018. This records a decrease from the previous number of 72.595 INR/USD for 27 Sep 2018. India Foreign Exchange Rate: RBI: Interbank: US Dollars: Close data is updated daily, averaging 47.950 INR/USD from Aug 2000 (Median) to 28 Sep 2018, with 4257 observations. The data reached an all-time high of 72.985 INR/USD in 18 Sep 2018 and a record low of 39.263 INR/USD in 15 Jan 2008. India Foreign Exchange Rate: RBI: Interbank: US Dollars: Close data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Interest and Foreign Exchange Rates – Table IN.MC002: Foreign Exchange Rate: Reserve Bank of India: Interbank.

Graph and download economic data for Exchange Rate to U.S. Dollar for India (FXRATEINA618NUPN) from 1950 to 2010 about India, exchange rate, currency, rate, and USA.

india - Indian Rupees to U.S. Dollar Spot Exchange Rate was 84.50000 Indian Rupees to 1 U.S. $ in May of 2025, according to the United States Federal Reserve. Historically, india - Indian Rupees to U.S. Dollar Spot Exchange Rate reached a record high of 87.57000 in February of 2025 and a record low of 75.31000 in April of 2022. Trading Economics provides the current actual value, an historical data chart and related indicators for india - Indian Rupees to U.S. Dollar Spot Exchange Rate - last updated from the United States Federal Reserve on September of 2025.

India Foreign Exchange Rate: RBI: Interbank: US Dollars: High data was reported at 72.395 INR/USD in 28 Sep 2018. This records an increase from the previous number of 72.385 INR/USD for 27 Sep 2018. India Foreign Exchange Rate: RBI: Interbank: US Dollars: High data is updated daily, averaging 47.896 INR/USD from Aug 2000 (Median) to 28 Sep 2018, with 4258 observations. The data reached an all-time high of 72.585 INR/USD in 25 Sep 2018 and a record low of 39.195 INR/USD in 07 Nov 2007. India Foreign Exchange Rate: RBI: Interbank: US Dollars: High data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Interest and Foreign Exchange Rates – Table IN.MC002: Foreign Exchange Rate: Reserve Bank of India: Interbank.

india - Indian Rupees to U.S. Dollar Spot Exchange Rate was 83.65660 Indian Rupees to 1 U.S. $ in January of 2024, according to the United States Federal Reserve. Historically, india - Indian Rupees to U.S. Dollar Spot Exchange Rate reached a record high of 83.65660 in January of 2024 and a record low of 73.93510 in January of 2021. Trading Economics provides the current actual value, an historical data chart and related indicators for india - Indian Rupees to U.S. Dollar Spot Exchange Rate - last updated from the United States Federal Reserve on August of 2025.

India Foreign Exchange Rate: RBI: Interbank: US Dollars: Low data was reported at 72.665 INR/USD in 28 Sep 2018. This records a decrease from the previous number of 72.775 INR/USD for 27 Sep 2018. India Foreign Exchange Rate: RBI: Interbank: US Dollars: Low data is updated daily, averaging 47.998 INR/USD from Aug 2000 (Median) to 28 Sep 2018, with 4259 observations. The data reached an all-time high of 72.985 INR/USD in 18 Sep 2018 and a record low of 39.280 INR/USD in 15 Jan 2008. India Foreign Exchange Rate: RBI: Interbank: US Dollars: Low data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Interest and Foreign Exchange Rates – Table IN.MC002: Foreign Exchange Rate: Reserve Bank of India: Interbank.

Graph and download economic data for Currency Conversions: US Dollar Exchange Rate: Spot, End of Period: National Currency: USD for India (CCUSSP02INA650N) from 1960 to 2023 about India, exchange rate, currency, and rate.

According to Cognitive Market Research, the global Foreign Exchange market size will be USD 807548.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 7.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 323019.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 242264.55 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 185736.16 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 40377.43 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 16150.97 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.
Forex Options are the fastest-growing segment in the Foreign Exchange market by type, driven by their flexibility for hedging and speculative trading

Market Dynamics

Key Drivers

The interplay of currency supply and demand dictates forex market movements.

The interplay of currency supply and demand fundamentally dictates movements in the foreign exchange market, a colossal marketplace with an average daily trading volume of approximately $2.44 trillion as of January 2025. This dynamic is powerfully influenced by central bank monetary policy, as demonstrated by the direct impact of interest rate changes. When a central bank raises interest rates, it increases the demand for its currency from foreign investors seeking higher returns on their assets. A mere 25 basis point increase in interest rates can trigger capital inflows sufficient to appreciate a currency by 1-2% against other currencies. This demand is further influenced by a country's economic health, as a strong economy, like the U.S.'s projected 1.4% GDP growth in 2025, attracts significant foreign investment, thereby increasing the demand for its currency. The balance of a country's trade also directly impacts currency flows; a nation with a trade surplus sees a continuous demand for its currency as foreigners buy its exports, while a trade deficit increases supply as local buyers sell their currency for imports. Ultimately, every economic data point and policy decision contribute to the daily flux of supply and demand, creating the volatile and dynamic market movements that drive trillions of dollars in trading volume across the globe.

Source -

https://www.tradeweb.com/newsroom/media-center/news-releases/tradeweb-reports-january-2025-total-trading-volume-of-$54.6-trillion-and-average-daily-volume-of-$2.44-trillion

https://www.bea.gov/news/2025/gross-domestic-product-1st-quarter-2025-advance-estimate

Key Restraints

The foreign exchange market's expansion is limited by its transparency and counterparty risk challenges.

The foreign exchange market's expansion is significantly limited by a lack of transparency and pervasive counterparty risk, both of which are direct consequences of its decentralized, Over-the-Counter (OTC) structure. According to the Bank for International Settlements (BIS) Triennial Survey, a staggering 80% of all forex turnover happens in this OTC environment, including 28% of spot trades and 51% of swaps. This structural opaqueness leads to fragmented pricing and makes it difficult for participants to assess true market depth, thereby eroding confidence. This setup also exposes participants to significant counterparty risk, as there is no central clearinghouse to guarantee trades. This risk is underscored by recent regulatory actions, with French authorities adding 50 new websites to their blacklist of unauthorized platforms in the first half of 2024, and the Reserve Bank of India (RBI) maintaining its own alert list against unregulated brokers. Ultimately, these quantifiable risks pose a fundamental restraint on market expansion by increasing trading costs, undermining trust, and deterring both institutional and retail participants.

Source –

https://www.bis.org/statistics/rpfx22_fx.html

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In 2024, the gross domestic product (GDP) of China amounted to around 18.7 trillion U.S. dollars. In comparison to the GDP of the other BRIC countries India, Russia and Brazil, China came first that year and second in the world GDP ranking. The stagnation of China's GDP in U.S. dollar terms in 2022 and 2023 was mainly due to the appreciation of the U.S. dollar. China's real GDP growth was 3.1 percent in 2022 and 5.4 percent in 2023. In 2024, per capita GDP in China reached around 13,300 U.S. dollars. Economic performance in China Gross domestic product (GDP) is a primary economic indicator. It measures the total value of all goods and services produced in an economy over a certain time period. China's economy used to grow quickly in the past, but the growth rate of China’s real GDP gradually slowed down in recent years, and year-on-year GDP growth is forecasted to range at only around four percent in the years after 2024. Since 2010, China has been the world’s second-largest economy, surpassing Japan.China’s emergence in the world’s economy has a lot to do with its status as the ‘world’s factory’. Since 2013, China is the largest export country in the world. Some argue that it is partly due to the undervalued Chinese currency. The Big Mac Index, a simplified and informal way to measure the purchasing power parity between different currencies, indicates that the Chinese currency yuan was roughly undervalued by 38 percent in 2024. GDP development Although the impressive economic development in China has led millions of people out of poverty, China is still not in the league of industrialized countries on the per capita basis. To name one example, the U.S. per capita economic output was more than six times as large as in China in 2024. Meanwhile, the Chinese society faces increased income disparities. The Gini coefficient of China, a widely used indicator of economic inequality, has been larger than 0.45 over the last decade, whereas 0.40 is the warning level for social unrest.

Graph and download economic data for Indian Rupees to U.S. Dollar Spot Exchange Rate (DEXINUS) from 1973-01-02 to 2025-08-01 about India, exchange rate, currency, rate, and USA.

India Foreign Exchange Rate: RBI: Reference Rate: US Dollars data was reported at 85.587 USD/INR in 15 May 2025. This records an increase from the previous number of 85.298 USD/INR for 14 May 2025. India Foreign Exchange Rate: RBI: Reference Rate: US Dollars data is updated daily, averaging 67.183 USD/INR from Apr 1995 (Median) to 15 May 2025, with 7270 observations. The data reached an all-time high of 87.586 USD/INR in 10 Feb 2025 and a record low of 43.949 USD/INR in 27 Jul 2011. India Foreign Exchange Rate: RBI: Reference Rate: US Dollars data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under High Frequency Database’s Foreign Exchange Rates – Table IN.MC001: Foreign Exchange Rate: Reserve Bank of India. [COVID-19-IMPACT]

This dataset provides values for GOLD RESERVES reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

The size of the MSS market was valued at USD 34.61 Million in 2023 and is projected to reach USD 77.67 Million by 2032, with an expected CAGR of 12.24% during the forecast period.For managing excess liquidity in the economy, the Reserve Bank of India (RBI) uses the Market Stabilization Scheme (MSS) by selling government securities-a form that mainly comprises bonds-to absorb surplus funds. MSS was introduced in 2004, and this usually involves a sale of bonds made by the RBI to absorb surplus funds, thereby stabilizing the money supply and preventing excessive liquidity from pushing the inflationary pressure on. The need for MSS rises whenever inflow of foreign capital causes the appreciation of the domestic currency. To counter this, RBI intervenes in the foreign-exchange market by purchasing foreign currency that releases domestic currency into the system. MSS can be viewed as a mechanism to offset the injection of liquidity so that the monetary environment is well balanced. MSS is quite effective in maintaining price stability and ensuring that the general economic health is sound in the country. Liquidity management reduces the risk of inflation, a situation that can cause erosion of purchasing power and badly affect growth in the economy. MSS also contributes to having a stable exchange rate, which is of fundamental nature in any business trading with the international trade front. Recent developments include: January 2024 - Atturra partnered with Sydney-based startup MyCISO to underpin its managed service for security program management in the education and commercial sectors. The MyCISO SaaS platform is designed to power and deliver assessments and management of security programs., September 2023 - MicroAge, a digital transformation expert, announced the launch of MicroAge Managed Security Services (MSS) with proactive cybersecurity monitoring and support. MicroAge Managed Security Services offers round-the-clock, expert security monitoring of the client’s technology environment, helping to reduce alert fatigue and providing incident detection, response, and resolution.. Key drivers for this market are: Rising Cyber Crime, Digital Disruption, and Increased Compliance Demands, Need for Threat Detection and Intelligence at an Early Stage Driving the Market Growth. Potential restraints include: Lack of Awareness of Security Services is Discouraging the Market Expansion. Notable trends are: BFSI Sector to be the Fastest-growing End-user Industry.

In June 2025, global inflation rates and central bank interest rates showed significant variation across major economies. Most economies initiated interest rate cuts from mid-2024 due to declining inflationary pressures. The U.S., UK, and EU central banks followed a consistent pattern of regular rate reductions throughout late 2024. In the first half of 2025, Russia maintained the highest interest rate at 20 percent, while Japan retained the lowest at 0.5 percent. Varied inflation rates across major economies The inflation landscape varies considerably among major economies. China had the lowest inflation rate at 0.1 percent in June 2025. In contrast, Russia maintained a high inflation rate of 9.4 percent. These figures align with broader trends observed in early 2025, where China had the lowest inflation rate among major developed and emerging economies, while Russia's rate remained the highest. Central bank responses and economic indicators Central banks globally implemented aggressive rate hikes throughout 2022-23 to combat inflation. The European Central Bank exemplified this trend, raising rates from 0 percent in January 2022 to 4.5 percent by September 2023. A coordinated shift among major central banks began in mid-2024, with the ECB, Bank of England, and Federal Reserve initiating rate cuts, with forecasts suggesting further cuts through 2025 and 2026.