Dubai bourse to list Re contract

Dubai's commodity derivatives exchange will list a futures contract on the Indian rupee in the next two months, the first time such a contract will be traded on a formal exchange.

"The DGCX Rupee contract can be viewed as a natural extension of the non-deliverable forward inter-bank market that already exists in various financial centres,'' Colin Griffith, chairman of Dubai Gold and Commodities Exchange, said in an e-mailed statement today.

The Dubai Gold and Commodities Exchange, which opened in November 2005, trades futures contracts in gold, silver, and three currency pairs. It is a joint venture between DMCC, Financial Technologies (India) and the Multi Commodity Exchange of India.