Rupee futures trade on the Dubai Gold & Commodities Exchange (DGCX). They were launched June 7, 2007.
|Indian rupee futures|
|Settlement||Cash and physical|
|Contract Size||2 million rupees|
|Pricing Unit||US $0.000001 per INR|
|Tick Value||US $2|
|Contract Months||Five concurrently listed contracts consisting of one Near Month Contract plus Mar, Jun, Sep and Dec contracts.|
|Last Trading Day||Need LTD rules!|
|Note: This contract is electronic ONLY -- no open outcry|
|No Open Outcry||Electronic|
|Trading Hours||N/A||Monday through Friday; 0830 – 2000 Hrs Dubai Time|
As determined by the Exchange from time to time using SPAN Margin System. At the outset, Minimum Initial Margin is US$1500.
The rupee has daily variation margin (mark-to-market) payable by each member holding open position till expiration date. Open positions at expiry of contract are settled in US dollars as per Daily Settlement Price (DSP) declared by the Exchange. Such DSP would be based on the official US Dollar Reference Rate issued by the Reserve Bank of India, based on bank rates in Mumbai at 12 noon on the Last Day of Trading or earliest available date.
The physical settlement are completed using Indian Rupee Contract Unit Equivalent amount in Euros calculated at the Settlement Price, declared by the Exchange for Euro Futures Contract with the same Delivery Month as the Indian Rupee Futures Contract on the Last Trading Day of that Indian Rupee Futures Contract.