The exchange itself is naturally trumpeting the new contracts. “The DGCX INR contract will for the first time in history enable individuals and companies to have the opportunity to hedge and trade their INR risk on the transparent and equal basis that an exchange provides”, says Colin Griffith, DGCX chairman. “To date, the only market available to hedge INR risk is the non-deliverable forward interbank market but that is not accessible to everyone.”
The problem the exchange faces is that the Reserve Bank of India is unwilling to see the INR trade outside of its control.
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