Indian Rupee/U.S. Dollar futures

INR Futures YTD 2020 average open interest at 2,806, up 58% YoY

Key macro facts

India is one of the world’s fastest growing economies and the 5th largest with a nominal gross domestic product of $2.9 trillion in 2019.  India was already facing an economic slowdown before the Covid-19 outbreak pushed the government to impose a nationwide lockdown that began in late March and has subsequently been extended multiple times at least until the end of June.  Economists expect India’s GDP to contract by five percent during 2020.  Prime Minister Narendra Modi’s government recently announced a $266 billion support package – worth around 10% of India’s GDP – containing both fiscal and monetary measures to mitigate the economic fallout.  Analysts expect India's growth to rebound to 6.2% in 2021.  Economists anticipate India’s inflation rate will hit 3.3% in 2020.  India's unemployment rate fell to 11% in June from a record high of 23.5% in the previous two months, as many businesses resumed operations following weeks of closures due to the coronavirus pandemic.

Key stats

  • YTD ADV for Indian Rupee Futures in notional terms notional at $96M
  • YTD Average Open Interest in notional terms at $191, up 51% YoY
  • Increased liquidity visible in tighter bid-ask spreads across all trading hours
  • Increased activity from market participants across different customer segments and regions

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.
  • Monthly expiries offer greater choice to market participants

Key capital efficiencies and potential margin offsets

  • 35% savings with Australian Dollar (AUD/USD)
  • 25% savings with Brazilian Real (BRL/USD)
  • 25% savings with South African Rand (ZAR/USD)

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

Standard futures

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

Block minimum threshold: 10

Available in Monthlies and Quarterlies

Micro futures

CME Globex: MIR Bloomberg: MIRA Curncy 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:

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
Trading Hours CME Globex: Sunday - Friday 5:00 p.m. - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m.
CME ClearPort: Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday 5:45 p.m. – 6:00 p.m. CT
Minimum Price Fluctuation Outright: 0.01 U.S. cents per 100 INR increments = $5.00
Calendar Spreads: 0.005 U.S. cents per 100 INR increments = $2.50
Product Code CME Globex: SIR
CME ClearPort: SIR
Clearing: SIR
Listed Contracts Monthly contracts listed for 12 consecutive months and 4 quarterly contracts (Mar, Jun, Sep, Dec)
Settlement Method Financially Settled
Termination Of Trading Trading terminates at Noon Mumbai time 2 Indian business days prior to 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 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday 5:45 p.m. – 6:00 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

Cash-settled Indian Rupee futures at CME Group

Available now on the platform you want


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