Key points usd inr futures expiry
- The October 2026 USD/INR monthly contract on NSE expires on Wednesday, 28 October, at 12:30 pm IST.
- Open positions settle in cash at the RBI reference rate for that day. Final settlement is on Friday, 30 October.
- Expiry falls on Fed decision day, but the Fed announces at 23:30 IST, about 11 hours after the contract settles.
- Traders who want to keep exposure need to roll to the November contract before 12:30 pm on 28 October.
What happens at expiry
| Item | Detail (USD/INR monthly futures) |
|---|---|
| Last trading day | Wed, 28 Oct 2026, until 12:30 pm IST |
| Final settlement price | RBI reference rate on the expiry day |
| Final settlement day | Fri, 30 Oct 2026 (T+2) |
| Mode of settlement | Cash settled in Indian rupees, with no delivery of dollars |
| Lot size | 1 lot = USD 1,000 |
| Tick size | ₹0.0025 (0.25 paise), worth ₹2.50 per lot |
| Trading hours | 9:00 am to 5:00 pm, Monday to Friday |
| Daily mark-to-market | Settled T+1 |
How settlement works: If you hold a position to expiry, your profit or loss is the difference between your entry price and the RBI reference rate, multiplied by USD 1,000 per lot. For example, a trader who bought one lot at 94.80 and held it to a reference rate of 94.90 would gain 0.10 × 1,000 = ₹100, before costs. The amount is credited or debited in rupees on the settlement day.
Weekly contracts: NSE also lists weekly USD/INR futures that expire every Friday. In the week of a monthly expiry, the weekly contract expires on the same day as the monthly one.
Why this expiry matters
A busy expiry day. Wednesday, 28 October brings several events at once:
- Jio Platforms listing: Jio lists on NSE and BSE the same morning. Foreign flows linked to its IPO helped the rupee last week.
- Central banks later that day: The RBNZ decides early that morning, the Bank of Canada at 19:15 IST and the Fed at 23:30 IST.
- Fed risk sits with the November contract: Contracts settling at 12:30 pm won’t be affected by the Fed. Positions rolled into November will be.
A volatile month for the rupee. The rupee moved close to 97 per dollar in early October, then recovered to around 94.4–94.5 by 21 October before slipping to 94.82 on 22 October. The RBI introduced tough measures earlier in the month, including a ban on rebooking cancelled rupee derivative contracts and a new Foreign Exchange Risk Reserve for banks. Governor Sanjay Malhotra said the RBI had seen significant speculation in currency derivatives.
Pressures on USD/INR into expiry: Brent crude settled at $116.72 on 23 October, and FPIs sold about ₹52,000 crore of Indian shares in October through the 19th. Both add to dollar demand. India’s forex reserves have fallen for six straight weeks, to $721 billion, consistent with RBI support for the rupee.
Rolling over: what to consider
- Premium (forward points): The November contract usually trades at a premium to October. This reflects the interest-rate gap between India and the US. Rolling a long position means paying that premium, and rolling a short means receiving it.
- Timing: Liquidity shifts to the next month in the days before expiry, so many traders roll before the final morning.
- Spread margin benefit: NSE allows calendar spread positions at lower margins, for example ₹400 for a one-month spread on USD/INR, per NSE’s contract specifications.
- Next monthly expiry: The November contract expires two working days before the last business day of November.
Margin and risk
Currency futures margins are low, roughly 2–3% of contract value for USD/INR, so leverage is high. A one-lot USD/INR contract at about 94.80 is worth around ₹94,800, so a 1% move equals about ₹948 per lot. Use our Forex Margin Calculator to estimate the margin and exposure for your position size before rolling or holding through the Fed.
Rules for participants: Under RBI rules, users of exchange-traded currency derivatives involving the rupee are expected to have an underlying exposure to hedge. Trading forex with unauthorised offshore platforms is not permitted under FEMA.
Other NSE currency pairs
The same expiry rules apply to monthly EUR/INR, GBP/INR and JPY/INR contracts. JPY/INR lots are 100,000 yen. The cross pairs EUR/USD, GBP/USD and USD/JPY are also listed on NSE. This week’s ECB (29 October) and BoJ (30 October) decisions will affect the November contracts on those pairs.
What to watch next
| Date (IST) | Event | Why it matters |
|---|---|---|
| Wed, 28 Oct, ~10:00 | Jio Platforms listing | Possible flow effects on the rupee |
| Wed, 28 Oct, 12:30 | October expiry (RBI reference rate) | The final settlement price is set |
| Wed, 28 Oct, 23:30 | FOMC decision | Affects the November contract from Thursday’s open |
| Thu, 29 Oct, 18:45 | ECB decision | EUR/INR |
| Fri, 30 Oct | Final settlement; BoJ decision; RBI forex reserves (evening) | JPY/INR; RBI intervention signal |
| Wed, 4 Nov, 09:00 | US midterm results during Indian trading | Possible USD/INR volatility |
Track all release times on our Economic Calendar, and find more coverage in Market Analysis & News.
FAQs
When does the USD/INR futures contract expire in October 2026?
On Wednesday, 28 October 2026, at 12:30 pm IST. That is two working days before the last business day of the month.
At what price are USD/INR futures settled on expiry?
At the RBI reference rate on the expiry day. Settlement is in cash in rupees, with final settlement on 30 October.
Will the Fed decision affect the October USD/INR contract?
No. The October contract settles at 12:30 pm IST, before the Fed announces at 23:30 IST. The Fed’s impact will show in the November contract.