Dubai Gold and Commodities Exchange (DGCX) said the total number of its contracts soared to hit 17.25 million at the end of September, with yearly average daily volumes (ADV) at their highest ever, reaching 89,873 contracts per day.

The best performing asset class in September was the Indian Rupee, INR, product suite, which saw Rupee Mini Futures record its second highest monthly average open interest, AOI, of 110,020 contracts, and the Indian Rupee Quanto, which has traded 3,160,471 contracts year-to-date, up 51 per cent from 2017.

Trading in September was also underpinned by the Indian Single Stock Futures, SSF, and Shanghai Gold Futures, DSGC, which registered year-to-date volume growth of 195 per cent and 101 per cent respectively.

CEO Les Male said: "The rising popularity of INR trading this month follows the continued depreciation of the rupee, which has seen investors turn to more regulated markets to hedge their exposure to the US dollar."

"The robust performance of our Rupee Mini Futures in particular is of note, with its increasing liquidity and depth of market, it is testament to the smaller sized contract’s ability to enable retail remitters, individual investors and SMEs to cost-effectively manage their currency risk," he added.-TradeArabia News Service