DGCX revises Indian rupee futures contract

Dubai Gold & Commodities Exchange (DGCX) yesterday announced changes to its Indian rupee futures contract.

The revised Indian rupee futures contract will be available for trading from November 3, and will provide cash settlement in US dollars, facilitating the settlement process for both local and international market participants.

More contracts will be available on a monthly basis out to 12 months forward and trading hours will be extended to 8.30 to 23:30 (Dubai time; GMT +4). In addition, the last trading day will be two business days prior to the last business day of the contract month.

In an innovative and pioneering move, DGCX launched the world's first Indian rupee futures contract in June 2007. Reflecting customer feedback and in response to market developments, the latest set of enhancements is designed to improve the settlement process and increase trading opportunities for all members and global market participants.

"The DGCX Indian rupee futures contract provides market participants with not only the perfect tool to manage their price risk to the currency, but also with arbitrage opportunities against other markets," said P Krishnamurthy, CEO – Financial Services Division, Al Rostamani Group.

"The DGCX Indian rupee futures contract has generated considerable market interest. The new contract specification demonstrates that DGCX is continually supporting and responding to customers in order to provide the right products at the right time," added Nishat Bandali, Chief Marketing Officer, DGCX.

DGCX, a fully automated, online commodities exchange is an initiative of the Dubai Multi Commodities Centre (DMCC), Financial Technologies (India) Limited and Multi Commodity Exchange of India Limited (MCX).

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