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Dubai / Emirates Busines
The Dubai Gold & Commodities Exchange (DGCX) saw a spike in Indian Rupee (INR) trading in May as the India election came to a close, leading the exchange to record a monthly average open interest (AOI) of 406,203 contracts in the month, 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 $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 percent year-on-year.