In the exchange-traded space, there are obvious reasons why overseas traders and even some domestic traders prefer offshore markets
Last week, soon after June futures contracts expired, trading activity on the Dubai Gold and Commodities Exchange (DGCX) witnessed an unusual surge. By 1 July, the open interest in its dollar-rupee futures contracts had reached $3.8 billion, far higher than the outstanding positions worth $1.6 billion on the National Stock Exchange (NSE), the erstwhile leader. Along with the Singapore Exchange (SGX) and the Chicago Mercantile Exchange, the share of overseas exchanges in the dollar-rupee futures market now stands at 65.7%.
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