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SGX Nifty trade extended beyond August; Rupee hits 3-week low

The Singapore Exchange (SGX) today said the arbitrator has allowed the bourse to continue the listing and trading of SGX Nifty contracts beyond August 2018.

IISL, the National Stock Exchange (NSE)'s index company, was granted an interim injunction against the launch of SGX's new India derivatives products.SGX has been engaged in proceedings in the Bombay High Court since 23 May 2018.

The SGX Nifty contracts were to trade until August, as contractually provided for under SGX's licence agreement with IISL. Three Indian bourses, National Stock Exchange, BSE and Metropolitan Stock Exchange of India, in February announced stopping immediately the trading of indices of Indian securities on foreign bourses as part of a joint effort to stymie migration of liquidity to overseas markets.

As part of ongoing arbitration proceedings, SGX and India Index Services and Products Ltd (IISL) were directed by Order dated June 14, 2018, passed by the Learned Arbitrator, to facilitate the continued listing of SGX Nifty products for at least two successive contract month maturations beyond the arbitration's completion date, SGX said in a statement today.

The rupee plunged by 36 paise to hit a three-week low of 67.98 against the US dollar in early trade today following strong demand for the greenback amid sustained foreign capital outflows.

Besides, the dollar strengthening against other currencies overseas as the European Central Bank (ECB) pledged to leave interest rates unchanged until mid-2019, weighed on the rupee, the benchmark BSE Sensex rose by 66.25 points, or 0.18 per cent, to 35,666.07 in early trade today.

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