A Hindu priest performs evening prayers in a waterlogged lane after heavy monsoon rains in Varanasi.
Photographer: Niharika Kulkarni/AFP/Getty Images
India’s largest agricultural exchange has introduced its first weather derivatives, allowing investors to hedge against monsoon-related risks.
The futures contracts, which will start trading from May 29, will be anchored to rainfall levels measured at two weather stations run by the India Meteorological Department in Mumbai, The National Commodity & Derivatives Exchange Ltd. said on Tuesday.