Lot sizes and contract specs
What one currency futures contract on NSE actually is
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What one currency futures contract on NSE actually is
This is the India version of the lesson. Indian residents may trade currencies only through exchange-traded currency derivatives on NSE, BSE or MSE, with a SEBI-registered broker. Education only, no tips.
A standard box
An exchange contract is a standard box: everyone trades the same size, the same expiry dates and the same settlement rules. That is what makes thousands of strangers able to trade with each other. The document that defines the box is the contract specification, published by the exchange.
Lot sizes on NSE
Each INR contract is a fixed amount of the foreign currency (as of 3 November 2026):
What a contract is worth
Contract value = lot size × rate. Illustrative example (not market data): at a USD/INR rate of 85.00, one lot is 1,000 × ₹85.00 = ₹85,000 of exposure. Two lots at the same illustrative rate are ₹1,70,000.
Expiry and settlement
Futures are listed with monthly contracts up to 12 months out. Trading in a monthly contract stops at 12:30 pm on its last trading day, two working days before the last business day of the expiry month. Contracts are cash-settled in rupees; no currency changes hands: open positions at expiry are settled at the FBIL reference rate on the last trading day (as of 3 November 2026).
Profit and loss
P&L = (exit rate − entry rate) × lot size × number of lots, for a bought position; the sign flips for a sold one. Illustrative: buy 1 USD/INR lot at 85.00, sell at 85.20 → 0.20 × 1,000 = ₹200 gain before charges. Had the rate fallen to 84.80, the same position would lose ₹200.
You’ve mastered: contract specs
USD/INR, EUR/INR and GBP/INR lots are 1,000 units; JPY/INR is 100,000 yen
Contract value = lot × rate; P&L = rate change × lot × number of lots
Monthly futures stop trading two working days before the month’s last business day
Settlement is in rupees, at the FBIL reference rate — no foreign currency is delivered