Mini Indian Rupee futures launched in Dubai
In a bid to further expand the reach of its Indian Rupee product offering, the Dubai Gold and Commodities Exchange (DGCX) has launched a Mini Indian Rupee Futures Contract (DINRM), it has been announced.business Updated: Apr 23, 2013 14:38 IST
In a bid to further expand the reach of its Indian Rupee product offering, the Dubai Gold and Commodities Exchange (DGCX) has launched a Mini Indian Rupee Futures Contract (DINRM), it has been announced.
"The Mini Indian Rupee futures contract has been designed to meet increasing demand from market participants for a smaller product that allows them to execute trading strategies without making high capital investments." said Gary Anderson, CEO of DGCX. "Developed after close consultations with our Members and market participants, we believe the contract will particularly benefit SMEs, retail players and traders who import into and export from India, as well as others who remit funds to India regularly."
The first of its kind to be introduced in the region and outside of India, the mini contract is one-tenth the size of the existing DGCX Indian Rupee futures contract.
The smaller size of the contract will support retail remitters, individual investors and small and medium-sized businesses (SMEs) in cost-effectively managing currency risk exposure to the Indian Rupee, a statement released in Dubai said.
The innovative new contract is priced at Rs 200,000 per lot compared to Rs 2 million per lot for the existing regular DGCX Indian Rupee contract.