Rupee-U.S. Dollar Currency Futures Rocket by 1,500 Percent

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Aug. 31- Rupee-U.S. dollar future trading has skyrocketed by 1,500 percent, one year after being introduced in the country.

According to The Economic Times, the average daily turnover has increased by more than 1,500 percent starting from US$60 million a day in August-September 2008 to the current rate of almost US$1 billion per day in the NSE and MCX Stock Exchange.

Given the positive growth of the market, currency derivatives market players are requesting that marketplace be expanded to include more products and its trading hours made longer to sync with the European and U.S. market orders.

While the current growth in the currency futures market is very impressive, considering the potential of the product, this is just the beginning, a senior NSE official was quoted as saying by the The Economic Times.

Currently, currency derivative trading is governed by the RBI and SEBI. Small and medium enterprises and retail investors have also begun participating, in the segment formerly ruled by importers, banks, corporation and exporters.