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Wed 30 May 2007 02:44 PM

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Dubai exchange to trade rupee futures

The Dubai Gold and Commodities Exchange will begin trading in India's currency from June 7.

Dubai's new futures exchange said on Wednesday it would begin trading Indian rupee contracts on June 7 to tap India's growing share of international trade and investment.

Each rupee-dollar contract will represent 2 million rupees ($46,710), the Dubai Gold and Commodities Exchange (DGCX) said in a statement.

Prices will be quoted in U.S. cents per 100 Indian rupees, it added.

The DGCX launched the Middle East's first currency futures last year, trading euro-dollar, yen-dollar and sterling-dollar contracts.

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