R5 is in the Financial Times today…. in synch with the fact that more USD are traded in the City of London than NYC  and more EUR than the EU ( and the most RMB outside China ) so it makes sense that INR trades here as well. 
What’s significant is that its taking away from Singapore and Dubai which are the tradition homes of the INR NDF.
However – the RBI is taking great steps forward and I expect to see GIFT / Mumbai growing sharply in the next BIS Triennial Survey 
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