Sitharaman launches INR-USD F and O contracts on BSE, NSE at GIFT
ANI
Economy

Sitharaman launches INR-USD F and O contracts on BSE, NSE at GIFT

Agency News

New Delhi, May 8 : Union Finance Minister Nirmala Sitharaman on Friday launched Rupee-Dollar Futures and Options contracts on the two International Exchanges -- BSE’s India INX and NSE’s NSE-IFSC.

She launched the contracts at Gujarat International Finance Tec-City (GIFT) International Financial Services Centre at Gandhinagar through video conference. Over the last decade or so a significant market share in financial services related to India has moved to other international financial centres. Bringing this business to India is clearly beneficial in terms of economic activity and employment gains for India. The launch of INR-USD contracts at the exchanges in GIFT-IFSC (International Financial Services Centre is a step in this direction.

This will be available 22 hours across all time zones for all global participants from GIFT IFSC. Given the world class business environment and competitive tax regime at GIFT-IFSC, it is expected that trading of INR-USD contracts may bring volumes to India. This would also bring larger global participation in India through IFSC and connect India’s IFSC globally. (UNI)

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