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National Stock Exchange gets nod for currency futures |
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Commodity Online
MUMBAI: Currency futures trading is getting momentum in India. The country's stock market regulator SEBI on Wednesday approved the currency futures plan submitted by the National Stock Exchange.
Besides NSE, India's largest commodities exchange the Multi Commodity Exchange and the oldest stock exchange the Bombay Stock Exchange have also applied for approvals for currency futures trading. But SEBI is yet to clear these applications.
SEBI has asked MCX to float a subsidiary to get currency futures trading license. SEBI officials said the BSE application is in the processing stage.
Currency futures is a forex derivative contract to buy or sell one currency against another on a specified future date, at a price decided in the contract.
Over the past one year, the Indian rupee has seen a rise and fall of more than 10 per cent vis--vis the US dollar. Currency futures are now seen as an effective tool, specially for small and medium-size exporters and firms, to hedge their foreign exchange risks.
Apart from actual user-banks, importers and exporters, even individuals with a view on exchange rates, will be able to trade the product. |
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| Technical Calls |
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Gold can touch $1,225 per ounce by next week |
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What Eric is saying here also lies in the shortening of the steps in the stair step gold action. At new highs, such as now, this formation is a rare set up suggesting an exponential rise.
Rev. Doug, who is no slouch when it comes to gold, anticipat |
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Gold price will double $1,150: Jim Rogers |
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The most bullish investor on gold these days seems to be the global commodities investor Jim Rogers. Rogers, based in Singapore, and a big investor in the Chinese commodities market says, gold price should double the current $1,150 per ounce level. |
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Gold price to average $1,140: Barclays Capital |
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Barclays Capital says gold prices will average $1,140 per ounce in 2010, says Barclays Capital. "We expect prices to maintain their upward momentum through to at least the first half of 2010, where we expect prices to average $1,140 in the second qu |
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Crude oil futures continued to trade down in mid London trade Friday as the US dollar strengthened against the major currencies apart from a dip in the global equities. |
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Gold futures fell in negative zone as dollar gathered some strength in mid London trades. Dollar typically strengthens when there are less data releases from US. |
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MCX Comdex was up by 2.35% to 2694.17. MCX Energy was down by 0.22% to 2651.55, MCX Metal was up by 3.70% to 3226.02 and MCX Agri was up by 4.84% to 2255.10. |
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