Singapore Exchange (SGX) today released its trading metrics for August 2022. The company saw a surge in FX activity on yearly basis during the last month as the total foreign exchange futures traded volume came in at 2.6 million contracts.
The numbers represent a 31% rise compared to the same period the previous year. On monthly basis, this was a 4% increase compared to the 2.5 million contracts recorded in July 2022.
The August FX activity was led by a 45% YoY surge in SGX USD/CNH futures to 1.2 million. SGX INR/USD futures also jumped 17% YoY to 1.3 million contracts.
The Singapore Exchange said in the official press release:
The U.S. Federal Reserve’s unprecedented cycle of interest-rate hikes continued to place Asian currencies under pressure, driving institutional hedging on SGX FX.
The SGX contract is the world’s most widely traded international renminbi (RMB) futures contract. SGX INR/USD futures volume climbed 17% y-o-y to 1.3 million contracts amid volatility in the Indian rupee