Morgan Stanley launched their first two ETNs today, with both ETNs focusing on emerging market currencies.

The Market Vectors-Indian Rupee/USD ETN is on the S&P Indian Rupee Total Return Index, which seeks to track the performance of India’s currency, the rupee, relative to the U.S. dollar.

The Market Vectors-Chinese Renminbi/USD ETN is based on the S&P Chinese Renminbi Total Return Index, which seeks to track the performance of China’s currency, the renminbi, relative to the U.S. dollar.

In addition to the value gained or lost from fluctuations in the indexes, holders of the note will earn interest based on the U.S. Federal Funds interest rate, not the local interest rates for the currency held.

Van Eck is the marketing agent for these ETNs, which charge a 0.55% annual fee and trade on the NYSE Arca exchange.