Read the following passage carefully and answer the questions following it. Certain words have been highlighted for your attention. Foreign exchange market is described as an OTC (Over the counter) market as there is no physical place where the participants meet to execute their deals. It is more o

Read the following passage carefully and answer the questions following it. Certain words have been highlighted for your attention.

Foreign exchange market is described as an OTC (Over the counter) market as there is no physical place where the participants meet to execute their deals. It is more of an informal arrangement among the banks and brokers operating in a financing centre purchasing and selling currencies, connected to each other by telecommunications like telex, telephone and a satellite communication network, SWIFT. The term 'foreign exchange market' is used to refer to the segment of the market, where the dealings take place among the banks. The retail segment refers to the dealings that take place between banks and their customers. It is situated in a large number of places. They can be considered not as foreign exchange markets, but as the counters of such markets. The leading foreign exchange market in India is Mumbai. Calcutta, Chennai and Delhi are other centres accounting for the bulk of the exchange dealings in India. The policy of the Reserve Bank has been to decentralise exchanges operations and develop broader-based exchange markets. As a result of the efforts of the Reserve Bank, Cochin, Bangalore, Ahmadabad and Goa have emerged as the new centres of the foreign exchange market.

The Foreign Exchange market is the largest financial market with a daily turnover of over USD 2 trillion. Foreign exchange markets were primarily developed to facilitate settlement of debts arising out of international trade. But these markets have developed on their own so much so that a turnover of about 3 days in the foreign exchange market is equivalent to the magnitude of world trade in goods and services. The largest foreign exchange market is in London followed by New York, Tokyo, Zurich and Frankfurt.

The business in foreign exchange markets in India has shown a steady increase as a consequence of the increase in the volume of foreign trade of the country, improvement in the communications systems and greater access to the international exchange markets. Still, the volume of transactions in these markets amounting to about USD 2 billion per day does not compete favourably with any well developed foreign exchange market of international repute. The reasons are not far to seek. The rupee is not an internationally traded currency and is not in great demand. Much of the external trade of the country is designated in leading currencies of the world, viz., US dollar, pound sterling, Euro, Japanese yen and Swiss franc. Incidentally, these are the currencies that are traded actively in the foreign exchange market in India.

Which of the following words is closest in meaning to 'magnitude' as used in the passage?
1). Seize
2). Measure
3). Enormity
4). Meek

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