Union finance minister Mr P Chidambaram launched the exchange traded rupee futures for National Stock Exchange. The finance minister asked for use of more than one currency for futures. He also advocated the need to cover foreign institutional investors and non-resident investors in this market. He stressed the need to offer exchange-traded interest rate and credit derivatives to compete Dubai and Singapore as financial centers.

The currency is at present traded in US dollars in India. More currencies are expected to come under this trade following new trading policy by the government. The currency trades are some standard foreign exchange contracts. These are traded to buy or sell one currency against other on a specified future date. The trades are currently being done on the basis of the reference rate of Reserve bank. The Securities and Exchange Board of India has given its approval to the Multi-Commodity Exchange of India and Bombay Stock Exchange to participate in currency trading.

The Multi-Commodity Exchange of India and Bombay Stock Exchange director, Aseem Dhru welcomed the new venture. Nearly 70,000 contracts were traded on the NSE on Friday. The US dollar remained at low level of 43.83 and closed 44.02 per dollar.