Bets on the Indian rupee are growing in Dubai. Exchange-traded rupee-dollar contracts have become the fastest growing derivative instruments on the Dubai Gold and Commodity Exchange (DGCX) since the beginning of this year, with a rise of over 16 times in 2011 (year to date), compared to last year.
Last month saw DGCX record the highest volumes, as trades in futures contracts across the bourse crossed one million contracts. Also, other currency pairs and precious metals are traded on the exchange.
The rupee-dollar trades accounted for 60 per cent of these volumes and 90 per cent of the overall currency futures segment. Apart from the rupee, DGCX also trades euro, yen, sterling, Australian dollar, Swiss franc and Canadian dollar in combination with the US dollar. This year so far, currency futures have accounted for almost 70 per cent of the volumes on DGCX.
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