DGCX Records Highest Average Open Interest Since 2016 Following Spike in Indian Rupee Trading

The Dubai Gold & Commodities Exchange (DGCX) saw a spike in Indian Rupee (INR) trading last month as the India election came to a close, leading the Exchange to record a monthly Average Open Interest (AOI) of 406,203 contracts in May, its highest AOI since November 2016. Ongoing political tensions across Europe on the back of continued Brexit talks also saw Euro Futures record its highest monthly Average Open Interest (AOI) with 3,886 contracts. For the month of May, a total of 1,827,176 contracts were traded, valued at USD 35 billion.

All three INR contracts performed well last month. INR Quanto Futures, the index pricing of the Indian Rupee US dollar currency pair, recorded its best month ever in May, and has now traded over 2 million lots year-to-date, up 28% year-on-year. Rupee Mini Futures recorded the third highest AOI with 117,390 contracts in May.

Les Male, CEO of DGCX, commented: “The Open Interest levels we set in May reflect the robustness of our trading platform, and are a clear indication of the sustainable growth we are experiencing in resident interest and liquidity. This comes as no surprise as we push forward with our efforts to provide our market participants with a wide range of products to effectively manage their risk and protect themselves during volatile times. Last month was a prime example of this, as we saw our INR portfolio perform especially well as the India election came to a close, and our members sought our contracts for hedging and investment purposes.”

DGCX’s West Texas Intermediary (WTI) Futures also gained traction in May following increased volatility in oil markets. The contract recorded month-on-month volume growth of 90%, and Y-O-Y growth of 74%.

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