Finance Minister P Chidambaram on Friday launched trading in currency futures at the National Stock Exchange in Mumbai.
Over 5,000 contracts were traded in the opening minutes.
First trade took place at Rs 44.1500 to a dollar.
Speaking at the launch function, the finance minister indicated that trading in currency futures is likely to be opened up for foreign institutional investors and non resident Indians as well.
Responding to queries on fall in inflation and possible easing of interest rates, he said, "No conclusion could be drawn from one week's figure."
When asked about possible new Governor at the Reserve Bank, he said that the question should come when vacancy arises.
NSE sources said over 300 members and 11 banks have so far registered for participating in the currency futures segment and that number is likely to go up.
However, not all the members who have received registration participated in the first day's trading.
NSE sources said it was for the first time banks have participated in trading on the exchange and that they were looking forward to build partnership with them.