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On Wednesday, it was observed that the rupee opened 7 paise higher at 64.89 against Dollar. On Tuesday, it was noted that the local currency closed 16 paise up at 64.96 against the dollar. In the interim, experts also claimed that the domestic equity markets opened in the red due to global cues. It is observed that the NSE Nifty50 index was down 38 points at 10,211.70 level. On the other side, the BSE Sensex was 80 points down at 33,234 level in the morning session at around 9.25 am.

Usually, people think that forex trading is about gambling or testing your luck at the roulette table. However, this is not the right way to think about trading. Trading is not about hitting the jackpot with a single lottery ticket. It is much more than this! Basically, if a person risks his money and has no influence over what will happen to it then he is known as a gambler. In this case, if he is lucky, he will win otherwise he will lose all his money. However, in case of a trader, this is not the scenario. The trader is someone who decides for himself. Trader follows the market movements as well as he decides when to take the profit. When the market turns against him, the trader takes the decision of how much he wants to risk.

In a recent circular issued by the RBI on 7th September 2022, the apex bank of India has declared 34 online forex trading online platforms as illegal including some famous forex trading platforms such as OctaFX India, Binomo, and Olymp Trade.