Khaleej Times

Rupee, euro products boost DGCX

- business@khaleejtim­es.com

dubai – The Dubai Gold and Commoditie­s Exchange (DGCX) witnessed an uptick in trading volumes in its key products for August, driven by increased investor interest in euro futures, Indian rupee options and Indian single stock futures.

The exchange said in a statement that euro futures traded its highest volume since January 2013, showing month-onmonth growth of 77 per cent and year-on-year growth of 19 per cent.

Indian single stock futures witnessed strong growth too, with volumes growing by 583 per cent compared to the same period last year. With investors looking for protection after a period of low volatility, Indian rupee options volume surged, leading it to mark year-on-year growth of 40 per cent.

Gaurang Desai, chief executive officer of the DGCX, said the increased trading activity in contracts like the euro and Indian single stock futures is an indication that the market participan­ts truly appreciate and are increasing­ly becoming reliant on wider range of DGCX products.

Looking ahead, the DGCX is looking to launch its Shariahcom­pliant spot gold contract later this year.

“With Dubai already known as the ‘City of Gold’, the recent developmen­ts in global geopolitic­s and increased volatility in gold has resulted in an amplified appetite to hedge and invest in the product. The upcoming Sharia spot gold contract will not only enhance our product offerings, but also meet the varied trading requiremen­ts of our customer base within the UAE, Saudi Arabia and the wider GCC region,” Gaurang said.

Newspapers in English

Newspapers from United Arab Emirates