DGCX plans to offer future trading contracts
Dubai, June 7: The Dubai Gold and Commodities Exchange (DGCX), which will start trading in three currency contracts from June 12, is also looking at offers on Indian Rupee.
''Although delivery in Indian rupees is not possible due to the Reserve Bank of India regulations, trade can be settled in other currencies,'' Khaleej Times quoted DGCX CEO Framroze Pochara as saying.
''We expect a big response from the Indian market when we start Rupee futures," he said.
He said with the launch of currency futures, it has entered the select league of global derivative exchanges that offer currency derivatives.
DGCX already has gold and silver futures and expects to add fuel oil and steel futures in the near future.
Mr Pochara said there is a huge spot market for leading international currencies in the UAE.
While the future market will serve as an ideal hedging platform for banks, money exchange houses and trading houses, it will also offer investment opportunities for currency investors.