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

Now deeper liquidity across all time zones, and up 129.9% YOY

Key Macro Facts

Solid growth prospects, attractive demographics, stable debt ratios and increasing currency reserves, which rose to $401 billion in August 2018* indicate that India continues to be on the upswing. The ratings upgrade by Moody’s in November 2017 has further stimulated market interest in the Indian growth story.

*Reserve Bank of India -Weekly Statistical Supplement, 24 August 2018 report

Key Stats

  • 2018 YTD average daily volumes rise by 129.9% compared to the same period in 2017.
  • Record trading on 2 February 2018 of 9,823 contracts in the standard futures.
  • Increased liquidity visible in tighter bid-ask spreads across all trading hours
  • Increased participation from market participants across different customer segments and regions.

Key Benefits

  • 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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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
(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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