Rupee futures volumes register 330% growth on DGCX in Oct

Indian rupee futures continued to grab speculators' eyeballs on the Dubai Gold & Commodities Exchange (DGCX) during October, with the volume of trade surging by 330% year-on-year to 418,967 contracts during the month.

According to a DGCX statement, euro/dollar, sterling/dollar and yen/dollar contracts saw trading volumes of 6,579, 1,911 and 785 contracts, respectively.

Total year-to-date currency trading volumes stood at 2,765,531 contracts as of October-end, a growth of 167% from 2010, it said.

DGCX is a Dubai Multi Commodities Centre (Dubai government) initiative in partnership with Financial Technologies (India) and Multi Commodity Exchange of India (MCX).

Within the precious metals segment, year-to-date volumes of DGCX silver futures grew by 66% to 40,215 contracts this year, while gold futures trades dropped by 11% to 360,117 contracts.

DGCX currency futures, the mainstay of the exchange's volume growth, rose by 191% year-on-year to 429,944 contracts in October.

Established in 2005, DGCX is the region's first derivatives exchange and the only one allowing participants to clear and settle transactions within the Gulf region.

The exchange has played a pioneering role in developing the regional market for derivatives.

October volumes on the DGCX grew 110% year-on-year to a total of 441,975 contracts, valued at $18.36 billion.

The month of October saw the exchange surpassing the three million contracts trading volume milestone for the first time in its history.

Year-to-date (YTD) volumes traded stood at 3,205,464 contracts at the end of October, a 104% vis-a-vis the previous year.

The average daily trading volume in October rose by 110% to 21,046 contracts, valued at $903 million.