Yes of course…… It is i am doing forex trading in India and earning quite well.

ManFinancials, RelianceMoney, FXIndia. Finexo.com offer FX Accounts for Indian residence and are quite reputed. Of course trading of USD/INR or any INR pair is not allowed in india. when you want to convert USD/INR or any other currency one has to go through banks. all those mention company offer FXTrading under offshore investment and those don’t allow to trade INR.