He said although the rupee
is on a depreciation mode since last week, it may not see any further fall.
Market participants feel that the current depreciation in the rupee
would not last long and is likely to recover early next year, when the stalled reforms process restarts and brings back billions of dollars in capital flows.
Each DGCX Indian Rupee
Options contract represents one Indian Rupee
Futures contract of INR 2 million.
We can't pinpoint the exact effects of the falling rupee
on our Haj plans," said Syed Abu Ahmed Akif, director-general of the Pakistan Haj mission.
The positive report on rupee
by the rating agencies came in the wake of Deutsche Bank's prediction that it could touch 70 against the US dollar in a month's time.
The Indian authorities also announced some new measures to control the foreign exchange outflows to prevent the rupee
from falling further.
In the wake of the record rupee
depreciation, Indian tourists are not just cutting their vacation days, but are opting for holidays within the country rather than going abroad.
He predicted that the rupee
would continue to be under pressure for some time to come, and its future depends on what measures India would take.
Gary Anderson, chief executive of DGCX, said: "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.
We might see some immediate correction in the rupee
towards 54, but it may breach the 55 level in the next three months.
The Indian rupee
logged its second straight weekly loss in the new fiscal year that began on April 1.
During the second week, the rupee
gained one paisa in inter-bank buying while no change was witnessed in inter-bank selling and kerb rate.