Rupee worth its weight in gold
Trading volumes at the Dubai Gold and Commodities Exchange (DGCX) surged to record highs on trading of the Indian rupee.
The Indian currency "dominated currency trading on the exchange", the DGCX said yesterday.
Trading volumes for last year reached 9.6 million contracts, a 137 per cent increase from 2011. The Dubai exchange accounts for 30 per cent of the total exchange-traded value of Indian rupee contracts globally.
The rupee traded at 54.45 to the dollar yesterday. It has strengthened from a low of 55.2 per dollar on January 7 because of increased foreign capital flows into the equity market.
Equities also advanced on Dubai's two main equity bourses yesterday.
DP World, the world's biggest ports operator, climbed 1.7 per cent to close at US$12.97 on the Nasdaq Dubai. The FTSE Nasdaq Dubai UAE 20 Index ticked 0.5 per cent higher to close at 1,986.09 yesterday.
Firms with a secondary listing on the Dubai Financial Market (DFM) were the most actively traded by investors. Gulf Finance House, a Bahraini investment bank, gained 0.3 per cent to close at 52 fils a share. Hits Telecom, a Kuwaiti operator, jumped 3.3 per cent to 85 fils a share.
The DFM General Index closed 0.1 per cent higher to 1,735.74. The Abu Dhabi Securities Exchange General Index advanced 0.8 per cent to 2,766.29.
Elsewhere, Kuwait and Bahrain indexes were little changed at 6,106.91 and 1,072.82 respectively. Oman's MSM 30 Index added 0.1 per cent to 5,851.32. Qatar's QE Index fell 0.5 per cent to 8,639.68. The Saudi Tadawul All-Share Index moved 0.38 per cent lower to 7,087.83.
Published: January 15, 2013 04:00 AM