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 US 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. - Reuters