Indian Rupee/U.S. Dollar (INR/USD) Futures

Solid growth prospects, attractive demographics, stable debt ratios and increasing currency reserves, which rose from $326 billion in early 2016 to $337 billion in early 2017, coupled with a 142% increase in the U.S. dollar/Indian rupee cross over the last 10 years*, indicate that India is on the upswing and that the market is increasing its participation in the Indian growth story.

At CME Group, this momentum is reflected in our INR/USD futures contract which hit a daily record high of over 5,000 lots traded in May 2017.  

The increasing success of INR/USD futures is driven by more participants and the ability for market participants to manage associated asset class risk impacting the value of the rupee – from Gold to WTI to the Nifty, all on CME Group exchanges.

Furthermore, the compelling margin offsets are available:  35% saving with AUD (1:1 ratio), 45% savings with E-mini Nifty (5:1 ratio), 30% savings with CNH (2:3 ratio) and 20% savings with GC-COMEX Gold (1:2 ratio). These offer an efficient solution for the uncleared margin rule changes now affecting the market along with the netting and standardisation of collateral solutions available at CME Group. 

*2016 BIS Triannual survey

Be Part of the Trend and Trade Cash-Settled Indian Rupee Futures at CME Group

Available Now on the Platform You Want

Standard Futures

CME Globex: SIR Bloomberg: SIRA Reuters: 0#SRI:

E-micro Futures

CME Globex: MIR    Bloomberg: MIRA    Reuters: 0#MRI:

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Bringing together market participants and their liquidity, from pension funds to banks, from hedge funds to corporates, from more than 150 countries nearly 24 hours a day, ready for market-impacting events.

Transact with Flexibility

Choose a block or an EFRP where you can still privately negotiate your trades, but submit them directly into our clearing systems to free up credit lines and mitigate bilateral exposure – whether you are trading in India or anywhere else in the world.

Reduce Risk and Manage Uncleared Margin Rule Changes

Through position-netting and by utilizing the capital and margin efficiencies of cleared and listed FX: 91 futures, 24 options, 26 CSFs and 12 NDFs

Get Connected to the World’s Largest Regulated FX Marketplace

$85 billion of daily FX volume and the firm liquidity you need to manage FX risk, from rupee to rand.

CME Group INR/USD FX Futures


Contract Specs

Standard Futures

Contract Unit 5,000,000 Indian rupees
Minimum Price Fluctuation 0.01 U.S. cents per 100 INR increments ($5.00/tick). Also, trades can occur in 0.005 U.S. cents per 100 INR increments ($2.50/contract) for INR futures intra currency spreads executed on CME Globex®.
Price Quotation U.S. Cents per 100 Indian Rupees
(e.g., 154.40 / 154.41 U.S. Cents per 100 Indian Rupees)
Trading Hours Sunday - Friday 5:00 p.m. - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m.
Product Code CME Globex: SIR
CME ClearPort: SIR
Clearing: SIR
Listed Contracts Monthly contracts listed for 12 consecutive months plus 4 March quarterly months (2-year maturity range)
Settlement Procedures INR/USD Settlement Procedures
Termination Of Trading Trading terminates at 12:00 noon Mumbai time two Indian business days immediately preceding the last Indian business day of the contract month.
Position Limits CME Position Limits
Exchange Rulebook CME 279
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Settlement Method Financially Settled

E-Micro Futures

Contract Unit 1,000,000 INR (≈ USD $15,728 as of June 18, 2015)
(10 lakh)
Minimum Price Fluctuation 0.01 U.S. cents per 100 INR increments ($1.00/tick). Also, trades can occur in 0.005 U.S. cents per 100 INR increments ($0.50/contract) for INR/USD futures intracurrency spreads executed on CME Globex®.
Price Quotation U.S. Cents per 100 Indian Rupees
(e.g., 154.40 / 154.41 U.S. Cents per 100 Indian Rupees)
Trading Hours CME Globex: Sunday: 5:00 p.m. - 4:00 p.m. CT next day. Monday - Friday: 5:00 p.m. - 4:00 p.m. CT the next day, except on Friday - closes at 4:00 p.m. and reopens Sunday at 5:00 p.m. CT.
CME ClearPort: Sunday - Friday 5:00 p.m. - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT
Product Code CME Globex: MIR
CME ClearPort: MIR
Clearing: MIR
Listed Contracts Monthly contracts listed for 12 consecutive months.
Settlement Procedures Settlement Procedure
Termination Of Trading Trading terminates at 12:00 noon Mumbai time two Indian business days immediately preceding the last Indian business day of the contract month.  
Position Limits CME Position Limits
Exchange Rulebook CME 296
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Settlement Method Financially Settled