A Dubai futures bourse began trading the world's first contracts on the Indian rupee on Thursday without the blessing of the Reserve Bank of India (RBI), which may lose some control over the partially convertible currency.

The Dubai Gold and Commodities Exchange (DGCX) said it launched the non-deliverable rupee-dollar contract to tap India's burgeoning foreign trade, especially with the United Arab Emirates, New Delhi's third largest trading partner.

The DGCX, based in the UAE's commercial hub of Dubai, said it had discussed the contracts with the Reserve Bank of India, which bought $22 billion in the five months to March to check the rupee's rise.

"They would not express an opinion one way or the other, which from our point of view is quite satisfactory," David Rutledge, a director at DGCX, told reporters in Dubai on Wednesday. "The market is outside the jurisdiction of India's central bank, which places curbs on trading in the rupee."

India's Financial Express said the launch of the contract stemmed from what it described as Indian policy shortcomings.

"Rupee currency futures trading on the DGCX in the Gulf emirate symbolises the profound mistakes of Indian economic policy," it said.

The rupee has been convertible on the current account since 1994, meaning it can be changed freely into foreign currency for purposes such as trade-related expenses. It cannot be converted freely for activities such as acquiring overseas assets.

"With the introduction of rupee futures, the Reserve Bank of India's intervention will also become slightly ineffective," said Srinivas Sribashyam, head of currency trading at Bank Muscat International, in Oman.