London beats Mumbai in

Saudi Arabia said on Tuesday its oil output would be back to normal by the end of the month, with half the production lost in weekend attacks on two key facilities already restored. Energy Minister Prince Abdulaziz bin Salman, said that the world's top energy exporter had dipped into its strategic reserves to maintain supply to clients. London has overtaken India’s financial capital Mumbai to become the top centre for trading the nation’s currency. That’s adding to a sense of urgency among local authorities to deepen the onshore market.

Average daily volumes for rupee in the UK soared to $46.8 billion in April, a more than five-fold jump from $8.8 billion in 2016, according to the survey of the Bank for International Settlements (BIS) released this week. That exceeded the $34.5 billion recorded in India.

Trading in dollarrupee offshore nondeliverable forwards increased three-fold over the three-year period, the BIS report showed.

Alive to the growing size of the offshore rupee market, India’s government and the central bank have been looking at ways to improve access for overseas investors and offer them more products to ramp up volumes at home. “The sharp increase in offshore FX market activity re-establishes that it could amplify currency volatility in the domestic currency and also reduce the effectiveness of policy steps taken to limit volatility during times of stress,” said Madhavi Arora, an economist at Edelweiss Securities Ltd. Rupee trading—including spot, outright forwards, foreign-exchange swaps,