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“In reference to recent inaccurate reports, DGCX does not offer any product or service whereby an individual can send more than 200,000 INR to India with payment of a commission. In addition, DGCX does not provide loan facilities to NRIs to remit money.
Dubai Gold & Commodities Exchange (DGCX), the region’s first derivatives exchange, offers a range of products with electronic trading accessible from anywhere in the world. An individual trader or market participant can only trade on DGCX’s listed products through a DGCX approved broker member. DGCX’s Mini Indian Rupee Futures Contract (DINRM) was introduced in March 2013. The product was designed and introduced in order to meet increasing demand from market participants for a smaller product that allows them to execute trading strategies without making high capital investments. The contract is of particular interest to SMEs, retail players and traders who import into and export from India, as well as others who remit funds to India regularly. Investors also benefit from the arbitrage opportunity by trading the regular Indian Rupee contract and DINRM in tandem.
The current volatility in INR has precipitated a growing number of markets participants (individual traders, retail players and SMEs) to trade DINRM enabling them to effectively hedge their exposure to INR fluctuations.”
