A steady fall in the value of the Indian rupee
against the US dollar over the last one month has sparked a flurry of remittance from Qatar, which has its currency pegged to the Greenback," said Zubair Abdul Rahman, operations manager at the Al Zaman Exchange.
Secondly, the investor is betting that there will be no further depreciation in the Indian rupee
from the time of booking until maturity.
For the beneficiaries of the remittances, this week marked another high when the Indian rupee
lost ground following the devaluation of the yuan, which in turn meant that the inward remittances from family members around the globe in leading currencies increased in value.
While the MSCI Futures contracts launched last week were designed for an institutional investor base, these two products of Mini Indian Rupee
Futures primarily have a retail focus.
The launch of the options contract will build on the success of the DGCX Indian Rupee
Futures contract, which has experienced significant growth in demand over the past year, it added.
In December 2005, Mehta's painting 'Gesture' was sold for 31 million Indian rupees
to Ranjit Malkani, chairman of Kuomi Travel, at the Osian's auction.
exchange rate management system which made the Indian rupee
The contract is one-tenth the size of regular DGCX Indian Rupee
Although Indian rupee
futures contract and gold futures contract are the two most active contracts traded on the DGCX, in a recent interview with Gulf News, Ahmad Bin Sulayem, Chairman of DGCX, said the exchange is fully committed to developing other contracts as viable asset classes.
The Dubai Gold and Commodities Exchange (DGCX) is set to expand its Indian Rupee
(INR) product offering with the launch of an INR Options Contract on September 26, 2011.
MUSCAT: Indian rupee
may further appreciate in the coming weeks, after touching a two-year high, hitting hard on the remittances of Indian expatriates working in the Gulf countries, according to sources in money exchange houses.
Not long ago, the same exchange houses transacted huge remittances to India with one Qatari riyal fetching as high as 13 Indian rupees