Average daily traded volume in the global currency market rose nearly 7 percent in March from the previous month, data from settlement system CLS showed on Tuesday.

CLS, which settles the majority of trades in the foreign exchange market, said the average daily input volume of instructions submitted rose 6.7 percent to $1.6 trillion in March, from $1.5 trillion in February.

This was also up from $1.46 trillion in the same month last year.

As of January, CLS decided to change its reporting methodology to exclude double-counting of banks' internal trades and "give-up" trades resulting from banks acting on behalf of clients.