It is boom time for the Indian rupee futures that debuted on the Dubai Gold and Commodity Exchange last week.

The rupee futures contracted, being traded for the first time globally, crossed a recover turnover of $23.24 million on the second day on Friday.

The last trading price on Friday was $2.4325, with 477 lots having been traded on the exchange, a DGCX release said.
On the first day of trading, 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.

Traders said the volume of the rupee contract is impressive and would pick up more in the days ahead.

DGCX Chairman Colin Griffith said the 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 transparent and equal basis that an exchange provides.

"The Indian Rupee contract demonstrates again that DGCX is at the forefront of innovation both in the region and globally. DGCX was the first derivatives exchange to go live in the Middle East and this addition to our list of contracts has attracted interest from major financial institutions and corporates across the worlds that are looking to hedge their Rupee risk," the DGCX chairman pointed out.

Each DGCX Indian rupee contract represents two million Rupees. Prices will be quoted in US Cents per 100 Indian Rupees, with a minimum price fluctuation of 0.000001 $ per Rupee ($2 per contract). At any point in time DGCX will list the current and next two calendar months, plus the next three calendar quarterly months.