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MUMBAI: The Finance Minister Mr P Chidambaram on Friday launched trading in currency futures at the National Stock Exchange here. Over 5,000 contracts were traded in the opening minutes. First trade took place at Rs 44.1500 to a dollar.

Mr Chidambaram said the entry barriers for foreign funds should be removed. Institutional investors bring sophistication. The strategy should be to remove restrictions on them, he said. We have the potential to develop Mumbai as an international financi al centre.

The Minister said the country should move rapidly, referring to slow start in trading of some derivatives products. It took stock index futures five years to start trading after it was conceived. Exchange traded gold fund took four years, he pointed out. He said the country should offer exchange traded interest rate derivatives, credit derivatives and boost the corporate bond market. - PTI

Related Stories:
Currency Futures trade to go live today on NSE
NRIs, FIIs not eligible to trade in currency futures

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