Typically scarcely traded ICN (WisdomTree Dreyfus Indian Rupee, Expense Ratio 0.45%) has had a strong week in terms of activity, trading more than 150,000 shares in one session alone on Wednesday (ADV is 23,947 shares).

This ETF, which tracks the Indian Rupee is rather small in terms of fund size, with $27.9 million in assets under management and has taken a bit of a beating year to date in terms of performance trading at a multi-year low earlier this week before recovering somewhat today.

Indian based equities have also under-performed considerably in trailing one year and YTD time periods, and one can reference any of the leading India focused equity ETFS such as EPI (WisdomTree India Earnings, Expense Ratio 0.83%), INDY (iShares S&P India Nifty 50, Expense Ratio 0.89%), PIN (PowerShares India Portfolio, Expense Ratio 0.78%) to see the staggering under-performance to a broad based proxy like the MSCI Emerging Markets Index for example. [India ETFs on Shaky Footing]

Trading volumes have been very heavy across the board in fact in these and related Indian focused ETF products this week as trading interest in the country via ETFs is safely at multi-year, perhaps all-time highs lately. [India ETFs Hit Hardest in Emerging Markets]

In the currency space, Van Eck also offers a product that competes with ICN, INR (Market Vectors Indian Rupee USD ETN, Expense Ratio 0.55%) but the product is significantly smaller than ICN ($2.3 million in assets under management).