Alpari Forex (India) Private Limited, a Mumbai-headquartered online foreign exchange trading services provider, is targeting to achieve Rs 200 crore daily trading volume by the end of calendar 2009, of which about 40 per cent is expected to flow in from Andhra Pradesh, according to its chief executive Pramit Brahmbhatt.
The Alpari group of companies, which currently has 27 offices in eight countries with monthly trading volumes in excess of $104 billion, launched its India operations in June 2009.
“We are planning to build a strong network of 500 institutional brokers and sub-brokers across the country during this year, of which 100 will be based out of Andhra Pradesh,” he told mediapersons here on Tuesday.
Brahmbhatt said the company was focusing on the retail segment to strengthen its customer base and corporates like IT companies, importers and exporters, who can use it for hedging their foreign currency risks and mitigate losses due to volatility in forex rates. “We have targeted to acquire at least 100 institutional and 1,000 retail clients by this calendar year,” he added.
“Today, Indian currency exchanges are enjoying a daily turnover of over Rs 8,000 crore within a year of their launch. As research data on the Indian forex market shows, there has been a rapid growth from a daily turnover of just $2 billion in April 1998 to over $34 billion by April 2007 and is set to grow at a faster pace in the near future. From a global perspective, the forex market has a daily turnover of $3.8 trillion and is expected to surpass $5 trillion by 2010,” he said.
