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.
