Dubai bourse makes changes to rupee futures contract

October 27th, 2008 - 9:54 pm ICT by IANS  

Dubai, Oct 27 (IANS) Even as the Indian rupee hovered around the 50-mark against the dollar, the Dubai Gold and Commodities Exchange (DGCX) Monday announced changes to its rupee futures contract.The revised Indian rupee futures contract will be available for trading from Nov 3, and the exchange will provide cash settlement in US dollars, facilitating the settlement process for both local and international market participants, according to a DGCX statement.

More contracts will be available on a monthly basis out to 12 months forward and trading hours will be extended from 8:30 a.m. to 11:30 p.m. Dubai time.

In addition, the last trading day will be two business days prior to the last business day of the contract month, the exchange announced.

“The DGCX Indian rupee futures contract has generated considerable market interest,” DGCX chief marketing officer Nishat Bandali said in the statement.

“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,” he added.

In an innovative move, DGCX launched the world’s first Indian rupee futures contract in June last year.

The latest set of enhancements has been done to improve the settlement process and increase trading opportunities for all members and global market participants in view of recent market developments, the exchange said.

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