The National Stock Exchange (NSE) on Monday introduced weekly futures contracts in the US Dollar-Indian Rupee (USD-INR) currency pair. The first day witnessed participation from 122 trading members, with volumes of 1.43 lakh contracts worth Rs 1,079.6 crore traded at the end of the day in the weekly futures contracts of USD-INR.
"The launch of weekly futures in the US Dollar-Indian Rupee currency pair, will only complement the existing currency derivatives product suite and will further help in deepening the market," as per a release.
"It not only serves the corporates to hedge their exposure, but also provides banks and Foreign Portfolio Investors a risk management tool to mitigate their currency risk," said Vikram Limaye, MD and CEO of NSE.
In addition to the USD-INR currency pair, NSE also facilitates trading in cash settled futures and options on three other pairs -- EUR-INR, GBP-INR and JPY-INR and three cross currency pairs EUR-USD, GBP-USD and USD-JPY.