DUBAI: The Indian rupee, which is being traded on the Dubai Gold and Commodities Exchange (DGCX), on Friday crossed a turnover of $23.24 million. The trading price was $2.4325, with 477 lots having been traded on the exchange, the latest data show.

In its debut trade on Friday, the settlement price for 100 Indian rupees was $2.4583, with 645 lots having been traded. It had hit a high of $2.4615 and a low of $2.4571 during the 12-hour session.

The volume of the rupee contract was impressive and would pick up more in the days ahead, a market observer said. "The DGCX Indian rupee contract will for the first time in history enable individuals and companies to have the opportunity to hedge and trade their Indian rupee risk on a transparent and equal basis that an exchange provides,'' DGCX Chairman Colin Griffith said.

"The recent strengthening of the rupee has necessitated the need for an efficient and easily accessible risk management tool which is exactly what this DGCX contract will provide. As the Indian economy continues to grow at record pace, so will the need for this contract,'' he said.

Each DGCX Indian rupee contract represents two million rupees. Prices would be quoted in U.S. cents per 100 Indian rupees, with a minimum price fluctuation of 0.000001 U.S. dollar per rupee ($2 per contract).

At any point in time, the DGCX would list the current and next two calendar months for the rupee contract, Mr. Griffith said.

Tumbles 43 paise

MUMBAI: The rupee tumbled by 43 paise and ended at a four-week low of 41.13/14 against the greenback on sustained dollar demand from public sector banks on behalf of the central bank, amid weakness in equity market. It closed at Rs 40.70/71 a dollar on Thursday. The Indian currency moved in a wide range of 40.85 and 41.25 during the day, after resuming at 40.85/90 per dollar. — PTI

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