Though the specific transactions approved thus far are more complex and include variations of Cross Currency Swaps (CCS), IRS with embedded option, etc, the total volume in derivatives is still very low. In FX options the Pak rupee equivalent is merely 177 million and FRAs 9.650 million and so forth. The numbers are still very small despite having grown substantially.
Fratzscher, Marcel (2012). “Capital Flows, Push versus Pull Factors and the Global Financial Crisis,” Journal of International Economics, vol. 88 (November), pp. 341–56. Fratzscher, Marcel, Marco Lo Duca, and Roland Straub (2013). “On the International Spillovers of U.S. Quantitative Easing (PDF),” Working Paper Series 1557. Frankfurt: European Central Bank, June. Furceri, Davide, Stephanie Guichard, and Elena Rusticelli (2011).