The Reserve Bank of India on Thursday issued norms for introduction of cross-currency futures and exchange traded cross-currency option contracts in multiple currency pairs. The cross currency futures will be available in various pairs, including Euro (EUR)-US Dollar ($), Pound Sterling (GBP)-$ and $- Japanese Yen (JPY), while on the exchange traded option contracts front, Euro-Rupee (INR), GBP-INR and JPY-INR have been added to the existing USD-INR pair. “The cross currency contracts shall enable direct hedging of exposures in foreign currencies and facilitate execution of cross-currency strategies by market participants,” the RBI said.