- Record open interest of 807 lots in the DGCX Indian Rupee futures contract
- Total volume of Indian Rupee futures rose 530% in 2009 to 66,346 contracts
Demonstrating increased demand for its Indian Rupee futures contract, the Dubai Gold & Commodities Exchange today said that Open Interest in the contract stood at a record 807 lots as at close of business on Tuesday January 12th.
The Open Interest, contracts which roll over to the next trading session, reflects the build up of hedging participation and ongoing momentum in the product. The trend is also supported by the rise in annual volumes of DGCX Indian Rupee/Dollar futures.
“The record Open Interest and sustained volume sets the tone for the product's growth this year,” said Eric Hasham, Chief Executive Officer of DGCX.
“The Indian Rupee contract is an important driver of the Exchange's currency portfolio, having gained favour with many market participants. The changes to the contract in 2008, based on member feedback, led the contract to a new level of growth. The contract is now cash settled based on the US Dollar reference rate published by the Reserve Bank of India, providing transparency and facilitating settlement for all participants. We anticipate further interest in the contract, backed by participants' better understanding of its benefits and India's strong economic prospects,” he added.
Total Indian Rupee futures volume rose 530% in 2009 to 66,346 contracts. Volume in December 2009 was 346% higher compared with the same period last year. The DGCX Indian Rupee/Dollar futures contract is the only contract of its kind outside of India and thus available to international participants. The contract is available for trading from 8.30am to 11.30pm Dubai time, Monday through to Friday.
