As a step to deepen the domestic market for foreign exchange, the offshore market needs to move onshore, including derivatives for the rupee, feels the Reserve Bank of India (RBI).The non-deliverables rupee market is a symptom of growing international interest in a currency not fully convertible. The growing importance of India in the global economy has led to an increasing interest in the rupee, said G Mahalingam, executive director, RBI, in his address at the India Treasury Summit on Wednesday. The central bank has put the speech on its website.

Source - http://www.business-standard.com