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

Open interest of 3,459 as of September 2019, up 30% YoY

Key Macro Facts

India is one of the world’s fastest growing economies, and the 5th largest with a nominal GDP of $2.9 trillion and third largest by PPP (purchasing power parity). Increases in trade protectionism as well as outflow of foreign funds have hindered the rupee in 2019. While high fiscal deficits and the continued effects of the US-China trade war have caused the Reserve Bank of India to slash projected growth to 6.1% for 2019/2020. Nonetheless, India remains an attractive destination for investment and trade, due to competitive tax rates, large currency reserves and investment grade sovereign bond ratings.

Key Stats

  • ADV in September of 4,064
  • Increased liquidity visible in tighter bid-ask spreads across all trading hours
  • Increased activity from market participants across different customer segments and regions
  • Monthly expiries INR Q3 2019 ADV of 3,736 up 38% vs Q2 2019

Key Features

  • Multiple contract sizes allow for increased trading flexibility and broader market participation.
  • Significant margin offsets are available, with currencies and commodities.
  • Participants can get attractive pricing for larger sizes via block price makers who can price all maturities and who are available in all time zones.

Key capital efficiencies and margin offsets

  • 35% savings with Australian Dollar (AUD/USD)
  • 30% savings with offshore Chinese Renminbi (USD/CNH)
  • 25% savings with Brazilian Real (BRL/USD)
  • 25% savings with South African Rand (ZAR/USD)
  • 20% savings with Gold (GC)

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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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:

55 futures, 24 options, 26 CSFs and 12 NDFs

Get Connected to the World’s Largest Regulated FX Marketplace

$100 billion of daily FX volume and the firm liquidity you need to manage FX risk, from rupee to rand.


Contract Specs

Standard Futures

Contract Unit 5,000,000 Indian rupees
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.
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®.
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 Method Financially Settled
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.
Settlement Procedures INR/USD Settlement Procedures
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

E-Micro Futures

Contract Unit 1,000,000 INR (≈ USD $15,728 as of June 18, 2015)
(10 lakh)
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
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®.
Product Code CME Globex: MIR
CME ClearPort: MIR
Clearing: MIR
Listed Contracts Monthly contracts listed for 12 consecutive months.
Settlement Method Financially Settled
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.  
Settlement Procedures Settlement Procedure
Position Limits CME Position Limits
Exchange Rulebook CME 296
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing

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