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Rupee futures crosses $24 mn on Dubai bourse

Rupee futures crosses $24 mn on Dubai bourse
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First Published: Fri, Jun 08 2007. 06 48 PM IST
Updated: Fri, Jun 08 2007. 06 48 PM IST
PTI
Dubai: The Indian rupee, which is being traded on a global exchange for the first time, crossed a turnover of $23.24 million on the second day of its debut at the Dubai Commodity Exchange on 8 June.
The latest trading price was $2.4325, with 477 lots having been traded by the evening on the exchange, latest data shows.
In its debut trade on 7 June, settlement price for Rs100 was $2.4583, with 645 lots having been traded. It had hit a high of $2.4615 and a low of $2.4571 during the 12-hour session.
The volume of the rupee contract is impressive and would pick up more in the days ahead, a market observer said.
“The DGCX Indian rupee contract will for the first time in history enable individuals and companies to have the opportunity to hedge and trade their Indian rupee risk on transparent and equal basis that an exchange provides,” DGCX chairman Colin Griffith said.
“The recent strengthening of the rupee has necessitated the need for an efficient and easily accessible risk management tool which is exactly what this DGCX contract will provide. As the Indian economy continues to grow at record pace, so will the need for this contract,” he said.
Each DGCX rupee contract represents Rs20 lakh ($49,382). Prices would be quoted in US cents per Rs100, with a minimum price fluctuation of $0.000001 per rupee ($2 per contract).
At any point in time, DGCX would list the current and next two calendar months for the rupee contract, Griffith said.
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First Published: Fri, Jun 08 2007. 06 48 PM IST
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