Dubai Gold & Commodities Exchange (DGCX), the region’s first derivatives exchange, said its Indian Rupee futures has registered a new daily volume record of 12,499 contracts worth $551.55 million.

The new record was achieved on Tuesday, said a statement from DGCX, the only derivatives exchange allowing participants to clear and settle transactions within the region. The previous record was achieved on January 5 with 11,968 contracts.
 
The trading activity on its Indian Rupee/US Dollar futures continues to grow rapidly, the statement added.

The contract is attracting increased interest and participation globally, as market players wishing to seek exposure to the Indian economy or hedge the Indian Rupee become aware of its unique offering as the only Indian Rupee futures contract outside of India.

The contract also has the added benefit that it is cash settled based on the US Dollar reference rate published by the Reserve Bank of India on the last day of trading.

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

It is an electronic commodity and currency derivatives exchange with 230 members from across the globe, offering futures and options contracts covering the precious metals, energy and currency sectors.-TradeArabia News Service