Currently, persons resident in India are permitted only to trade in US Dollar (USD) -INR currency futures contracts in recognized stock exchanges.
It has been decided to permit the recognized stock exchanges to offer currency futures contracts in the currency pairs of Euro-INR, Japanese Yen (JPY)-INR and Pound Sterling (GBP)-INR, in addition to the USD-INR contracts, with immediate effect.
This has been done to facilitate direct hedging of currency risk in other currency pairs.
The move was widely expected following the banking regulator’s announcement of the need for more exchange-traded currency futures during the second quarter review of monetary policy in October last year.
The USD-INR futures are currently traded on three recognised exchanges, the National Stock Exchange (NSE), MCX Stock Exchange and the Bombay Stock Exchange (BSE). However, the currency derivative is liquid only on the first two bourses.
Tuesday, January 19, 2010
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