DGCX trades 111,348 contracts in August 2010, with Indian Rupee Futures achieving third straight record month
The Dubai Gold & Commodities Exchange (DGCX) transacted 111,348 contracts last month, valued at US $5.71 billion, with Indian Rupee futures achieving a third consecutive monthly volume record. DGCX Indian Rupee futures recorded 43,547 contracts in August, valued at US $1.86 billion, almost twice the number of contracts in July, and a 769% increase on last year and an average daily volume of 1,979.
Meanwhile, although overall monthly volumes were down 27% in August due to the holiday season and Ramadan, year-to-date volumes have recorded a 34% year-on-year increase. Year-to-date, volumes now stand at just over 1.2 million contracts.
Of the total volume on DGCX in August, the currency futures segment accounted for 77,347 contracts and an average daily volume of 3,516 contracts. Gold, Silver and WTI crude oil futures were 24,756, 1,038 and 8,207 contracts respectively in August 2010.
Eric Hasham, Chief Executive Officer, DGCX, said, "The consecutive records in the Indian Rupee futures contract and the excellent overall growth of DGCX currency futures reflects the strength of the Exchange's currency derivatives offering."
- Need some space? UAE's banking sector is getting too crowded
- Bank funding in the Middle East doesn't boil down to liquidity alone
- Why is the Israeli shekel so weak?
- What doesn't kill you, makes your stronger: why the Arab Bank is likely to emerge from the Israeli lawsuit 'unscathed with flying colors'
- Too foreign? An inside look into the struggles of foreign banks in Saudi Arabia