Dubai Gold & Commodities Exchange said the trading activity on DGCX Indian Rupee / Dollar futures witnessed solid growth, with daily volume touching 12,000 contracts for the first time on January 5.

The DGCX said the Indian rupee futures saw a total 11,968 contracts traded netting a notional value of $525.21 million for the period between June 1, 2010 to January 5.

This was the second record daily volume in a row, said the exchange in its statement.

The Indian Rupee futures contract continues to attract more interest daily, as market participants become aware of its unique offering as the only Indian Rupee futures contract available for trading and hedging outside of India.

Furthermore, the contract is cash settled based on the US Dollar reference rate published by the Reserve Bank of India on the last day of trading, the statement added.-TradeArabia News Service