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Our Bureau

Mumbai, Oct. 12 There was hectic dollar hedging on the stock exchanges last week when the rupee-dollar exchange rate fluctuation was high.

On Friday, when the rupee weakened to more than 49 to the dollar, the number of currency futures contracts traded on the National Stock Exchange (NSE) too soared to nearly two lakh contracts. This is the highest number of contracts recorded on any single day on the exchange, since currency futures commenced on August 29.

Soaring of volumes on NSE gave the exchange a larger lead over the two other exchanges that launched currency futures trading platforms in October.

The Bombay Stock Exchange and MCX Stock Exchange (MCX-SX)–a subsidiary of Multi Commodity Exchange)–launched currency futures on October 1 and October 7 respectively.

On Friday, NSE clocked a total turnover of Rs 936 crore (1.92 lakh contracts), the highest so far, and a big jump from the number of contracts averaged in the early weeks of currency futures trading.

The contracts traded more than doubled on Friday as against Monday trading volume. The average contracts traded on NSE was significantly up from number of contracts traded in the last week of September (58905 contracts).

MCX-SX clocked a turnover of Rs 181.6 crore (37,339 contracts) on Friday against Rs 287.49 crore (59,952 contracts) on October 7, the day MCX-SX’s trading platform became operational.

On BSE too, the volumes had gone down after the large number of trades witnessed on the launch date of October 1.

On Friday, BSE clocked a turnover of Rs 11 crore only (2288 contracts) against a turnover of Rs 307 crore (65,686 contracts) on October 1.

More Stories on : Derivatives Markets | Forex

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