MCX Stock Exchange has launched its 7th regional website in Telugu (http://telugu.mcx-sx.com). The website has a currency futures price ticker, real-time rendering of charts, online charts and membership-related data. Currently, there are over 500 members. It would also offer information updates on price movements, volumes transacted, and contract details.
Speaking on the occasion, MCX-SX chief executive officer U Venkataraman said the effort was to empower the SME and corporate houses about currency futures to insure against volatile currency rates. It is also making effort to introduce sterling, yen and euro for trading on the exchange. At present, only dollar-rupee pair trading is offered.
The exchange has signed a memorandum of understanding with the Federation of Indian Exporters Organisation to reach more than 11,000 exporters across India and spread awareness of currency futures as a hedging tool.
Venkatraman said that big corporates houses were not looking at currency futures yet. Hedging is a way to reduce the foreign exchange risks, he said adding that the companies might get interest into currency futures once the total turnover is about $1 billion a day. “We expect to have a combined turnover of $1 billion 2009 for currency futures around April,”' he said.