The NSE was the first exchange to gain SEBI's in-principle permission for a currency derivatives section. On August 29, 2008, the exchange debuted its currency futures trading platform. The Indian rupee was authorized to trade against foreign currencies such as the euro, pound sterling, and the Japanese yen once currency futures on the USD-INR were introduced for trading. On October 29, 2010, Currency Options was launched. The currency converter on Goodreturns.in is an amazing tool for converting currencies from one exchange to another.
What is Currency Trading in India?
A currency future, often known as an FX future, is a futures contract that allows you to exchange one currency for another at a fixed price (exchange rate) on the purchase date. The price of a futures contract is expressed in INR per unit of another currency, such as US Dollars. Currency future contracts allow investors to protect themselves against the risk of currency depreciation. The US Dollar (USD), Euro (EUR), Great Britain Pound (GBP), and Japanese Yen (JPY) are the four currency pairs on which currency derivatives are available.
In the Currency Derivatives sector, cross-currency futures and options contracts on the EUR-USD, GBP-USD, and USD-JPY are also accessible for trading.
The National Stock Exchange (NSE), the Bombay Stock Exchange (BSE), and the Metropolitan Stock Exchange of India Ltd all offer forex trading.
Currency futures are available for all of the following currency and cross-currency pairs, however, Currency Options are only available for USDINR, EURINR, GBPINR, and JPYINR.
USD to INR
The acronym for the US Dollar versus the Indian Rupee is USD/INR. This Asian currency pair is classified as a developing market currency. The base currency is the US Dollar, and the quote currency is the Indian Rupee.
The market price defines the value of the Indian Rupee in relation to the US Dollar. 1 USD = X INR is the exchange rate. So, if the market price of USDINR is 71.46, it will cost about Rs 71 to buy $1.
The US Dollar is the world's most widely convertible currency and is frequently used as a benchmark in the Forex market. It is held by practically every central bank in the world as the leading global reserve currency. Furthermore, because the dollar is the standard currency in the commodities market, it has a direct impact on commodity pricing.
1 US Dollar to Indian Rupee stats
|Last 30 Days|
EUR to INR
Euro member countries use the Euro as their currency. The EUR to USD rate is the most popular Euro conversion rate, according to our currency rankings. Euros have the currency code EUR and the currency sign €.
The market price defines the value of the Indian Rupee in relation to the Euro. 1 Euro = X INR is the exchange rate. So, if the market price of EURINR is 88, it will cost about Rs88 to buy €1.
Many Euro-zone regions, departments, and sovereign entities, such as the Azores, Balearic Islands, and Canary Islands, use the Euro. In Cuba, North Korea, and Syria, the Euro is utilized as a trading currency, and several currencies are pegged to it.
1 Euro to Indian Rupee stats
|Last 30 days|
GBP to INR
GBP is the currency code for British Pounds. £ is the currency symbol. The British Pound is the world's oldest currency and one of the most widely convertible currencies. The GBP is tied to the Falkland Islands, Gibraltar, and Saint Helena. The Bank of England is the United Kingdom's central bank. The British Pound is the world's third most held reserve currency, while it is the fourth most traded currency. The British Pound is also known as the Pound Sterling, Sterling, Quid, Cable, and Nicker.
The market price defines the value of the Indian Rupee in relation to the Euro. 1 GBP = X INR is the exchange rate. So, if the market price of GBPINR is 103, it will cost about Rs103 to buy £1.
1 British Pound to Indian Rupee stats
|Last 30 Days|
JPY to INR
JPY is the currency code for the Japanese Yen. The sign for the currency is ¥. The Japanese yen is the world's third most traded currency, and Asia's most extensively traded currency. The Japanese Yen is frequently used in carrying trades with the Australian Dollar and the US Dollar due to its low interest rates. A carry trade is a strategy that involves trading a low-interest-rate currency for a higher-interest-rate currency.
1 Japanese Yen to Indian Rupee stats
|Last 30 days|