The rupee, which is being traded on a global exchange for the first time, crossed a turnover of $23.24 million on the second day of its debut at the Dubai Commodity Exchange today. The latest trading price was $2.4325, with 477 lots having been traded on the exchange, latest data show.In its debut trade on Thursday, the settlement price for 100 Indian rupees was $2.4583, with 645 lots having been traded. It had hit a high of $2.4615 and a low of $2.4571 during the 12-hour session.The volume of the rupee contract is impressive and would pick up more in the days ahead, a market observer said. “The DGCX Indian Rupee contract will for the first time in history enable individuals and companies to have the opportunity to hedge and trade their Indian rupee risk on the transparent and equal basis that an exchange provides,” DGCX Chairman Colin Griffith said. “The recent strengthening of the rupee has necessitated the need for an efficient and easily accessible risk management tool, which is exactly what this DGCX contract will provide. As the Indian economy continues to grow at record pace, so will the need for this contract,” he said.Each DGCX Indian rupee contract represents Rs 2 million. Prices would be quoted in US cents per 100 INR, with a minimum price fluctuation of $0.000001 per rupee ($2 per contract). At any point in time, DGCX would list the current and next two calendar months for the rupee contract, Griffith said.
