The foreign-exchange market proved its resilience to challengesranging from tumbling profits to a rate-fixing scandal in figurespublished once every three years by the Bank for InternationalSettlements.

Average daily trading dropped to $5.1 trillion in April, from arevised $5.4 trillion in the same month in 2013, the BIS saidThursday in its latest triennialsurvey of the currency market. If it hadn't been for thedollar's appreciation, that volume would actually have risen about4%, according to the report. The use of swaps increased, wideningits lead over spot trading, or dealing in the currencies themselvesrather than derivatives.

The size of the drop in currency trading is potentially asurprise for an industry blighted by losses from the Swiss NationalBank's shock decision to scrap its exchange-rate cap last year, aswell as accusations of price-rigging that have led to more than $10 billion in finesand penalties. While individual central banks recently reported arecovery in trading in the six months through April, thatfollowed a steady drop-off in activity since 2014.

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