Three weeks is a long time for such an opportunity to exist. I guess the costs involved in benefiting from it have kept it going. The other question too is - what level of volume exists in the Indian BTC market?
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Excellent question. Sadly none of the exchanges here list overall volume over a period of time. However, one exchange, Coinsecure, is listing 50 BTC sell orders. That's the closest I can get to volume... It's still a fairly small market, but the price is real.