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 partially
The contract is one-tenth the size of regular DGCX
Indian Rupee Futures contract
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.
