Non-Resident Indian (NRI) means a person resident outside India who is a citizen
of India or is a person of Indian origin"[as per FEMA regulations]
What Are Currency Markets?
Currencies are the money of different countries, and currency trading is the buying
and selling of these currencies. There are almost as many different currencies as
there are countries, but the most popular currencies for trading are the US Dollar,
the Euro, the British Pound (Sterling), and the Japanese Yen. The currency markets
are some of the most popular day trading markets, and they therefore have some of
the highest volume (number of contracts) and liquidity. This high volume and liquidity
makes the currency markets attractive to all types of traders, including individual
day traders, trading companies, financial and non financial companies, banks, and
governments
Currency futures are futures markets where the underlying commodity is a currency
exchange rate, such as the Euro to US Dollar exchange rate, or the British Pound
to US Dollar exchange rate. Currency futures are essentially the same as all other
futures markets (index and commodity futures markets), and are traded in exactly
the same way. Futures based upon currencies are similar to the actual currency markets
(often known as Forex), but there are some significant differences. For example,
currency futures are traded via exchanges, such as the CME (Chicago Mercantile Exchange),
but the currency markets are traded via currency brokers, and are therefore not
as controlled as the currency futures. Some day traders prefer the currency markets,
and some day traders prefer the currency futures. I recommend the currency futures
as they do not suffer from some of the problems that currency markets suffer from,
such as currency brokers trading against their clients, and non centralized pricing.