DGCX strengthens Indian rupee future contract

Dubai Gold and Commodities Exchange (DGCX) - an initiative of the Financial Technologies (India), Multi Commodity Exchange of India (MCX) and the Dubai Multi Commodities Centre (DMCC) - has announced changes in its Indian Rupee futures contract.

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

More contracts will be available on a monthly basis out to twelve months forward and trading hours will be extended to 0830 hours to 2330 hours. In addition, the last trading day will be two business days prior to the last business day of the contract month.

 

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.

DGCX launched the world's first Indian rupee futures contract in June 2007.

"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," said Nishat Bandali, Chief Marketing Officer, DGCX.