Investors in West Asia can now trade in Indian currency with Dubai Gold and Commodity Exchange announcing on Wednesday the launch of world's first Rupee Currency Contract.

DGCX said in a statement in Dubai that it would launch trading in the rupee contract on June 7.

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

So far, the only market available to hedge Rupee risk is the non-deliverable forward inter-bank market but that is not accessible to everyone.

The recent appreciation in the Re has necessitated the need for an efficient and easily accessible to all, risk management tool, which is exactly what this DGCX contract would provide, it said.

"As the Indian economy continues to grow at record pace; so will the need for this contract," DGCX said.

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 West Asia 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, Griffith said.

DGCX had launched trading euro-dollar, yen-dollar and sterling-dollar contracts earlier last year.