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Rupee futures receives mixed response: DGCX
DUBAI — Dubai Gold and Commodities exchange (DGCX), which turned a new leaf in June by creating history in financial markets with its launch of Indian Rupee futures contract, said the new contract met with a mixed response from the market participants with 3095 contracts worth $151.45 million being traded in the first month of the launch.
A total of 64,616 contracts valued at $2.23 billion were traded for the month of June, 2007. The gold futures traded on the Exchange clocked a volume of 48,860 contracts valued at $1.03 billion.
DGCX, , which became the first and the only futures exchange in the world to trade the Indian currency, said of the total traded volume (64,616 contracts), gold headed the table clocking a volume of 48,860 contracts. In the currency futures segment, a total of 15,412 contracts were traded during the month, with GBP contract primarily leading the way with a volume of 8,003 contracts. The daily average number of contracts traded per day on the exchange stood at 3077 contracts in June. The value of total number of contracts traded on DGCX since inception stands at $31.15 billion of which gold contracts account for a value of $17.97 billion.
Total open interest in respect of gold futures i.e. the number of contracts executed (bought or sold) but not closed out by the participants, as on June 29, 2007 stood at its highest-ever level of 5561 contracts valued at $116.24 million (on the basis of closing prices). A slightly higher average intra-day volatility of $7.52/troy oz was observed during the month in the near-term gold futures contract as against $7.28 /troy oz recorded during May 2007.
The table shows the price movement of some of the contracts traded during the month of June 2007.
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