Indian market opens up

The Reserve Bank of India (RBI) last week announced that over-the-counter rupee options will be permitted in the first phase of market reform. Although many banks -- both foreign and domestic -- have been active in forex in India for some time, the rupee market has been strictly regulated.

Emerging markets specialists have been on the lookout for a new growth market for FX as some Eastern European markets look set to join the European Union and eventually the euro, eradicating several emergi