SEATTLE (Scrap Monster): The Dubai Gold & Commodities Exchange (DGCX) witnessed strong surge in trading activity during the month of November this year, driven by sustained pickup in gold contracts. The Indian Rupee (INR) product suite and the Indian Single Stock Futures (SSF) too registered robust activity during the month.
The monthly average open interest (AOI) hit highest level of 129,054 contracts in November. The DGCX’s Weekly INR-US Dollar (USD) Futures Contract achieved its second-highest volume as well as trading value since its launch last year. The contract recorded a year-on-year Average Daily Volume (ADV) growth of 334%.
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According to DGCX press release, Indian Rupee Options Contract also registered a year-to-date (YTD) volume growth of 527% compared to the same period last year. The Indian SSF product registered year-on-year ADV growth of 441%. The precious metals trading too flourished, with Gold Futures Contract recording year-on-year ADV growth of 65%.
Les Male, CEO, DGCX highlighted that there was an increased demand for Indian rupee backed assets and various hedging instruments. The strong inflows from Indian IPOs, anticipation of Fed rate hikes and oil price volatility also helped in driving trading activity, he added.
DGCX reiterated its commitment to expand its services and infrastructure to support future market growth.
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