NATIONAL STOCK EXCHANGE has announced the launch of trading in currency futures from 29th august 2008. For the first time in India, it would now be possible to trade on the currency futures on a stock exchange platform.
Currency futures are standardised foreign exchange contracts traded on a recognised stock exchange to buy or sell one currency against another on a specified future date,at a price specified on the purchase or sell date. Currently RBI has approved only USD-INR currency futures to be traded on the approved exchanges.
The size of the contract would be $1000 and they would expire on the last business day of any month at 12 noon. The contracts will be quoted and settled in rupees and the settlement price of the contract would be RBIs reference rate on the last trading day.
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