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BSE MoU with Bullion Trade bodies for deepening physical markets
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Top Stories |
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SME Times News Bureau | 11 Aug, 2020
Stock exchange BSE has signed a
Memorandum of Understanding (MoU) with Akola Sarafa Association and
Akola Sarafa Va Suvarnakar Yuva Sangh, associations of bullion trade and
industry based in Akola, Maharashtra.
These associations represent members engaged in retail sale and trade of bullion.
The
MoU aims to facilitate cooperation between BSE and physical markets
represented by these two trade bodies in areas such as knowledge
sharing, education & training, events as well as to explore areas of
mutual interests to ensure the best interests of jewellers. BSE
aims to organize seminars and awareness programmes on price risk
management for bullion traders and jewellers, and help them move to more
organised forms of trading.
Awareness about effective hedging
tools such as derivatives contracts, especially 'options in goods' to
enable jewellers face a volatile market would also be provided.
The
'options in goods' contract offered by BSE makes it extremely
beneficial for jewellers and bullion dealers, who can not only hedge
their price risk but also avail delivery on expiry of the contract. Sameer
Patil, CBO of BSE said, "Joining hands with Akola Sarafa Association
and Akola Sarafa Va Suvarnakar Yuva Sangh brings expertise in creating
suitable products, create deep physical network needed in bullion trade
and added transparency in the domestic bullion derivatives markets. This
engagement would benefit all market participants trading and hedging in
Indian Bullion Derivatives market." BSE has received positive
response from all stakeholders for these contracts and is the market
leader in the bullion options segment, with turnover registering highs
of Rs 5,010 crore on July 29. The exchange has completed consecutive
deliveries of Gold mini on 'Options in Goods' framework seamlessly at
the designated vault in Ahmedabad, Gujarat.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
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58.85 |
56.85 |
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