How price steps are measured — and what one step is worth on NSE
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.
What is a pip?
In the global market a “pip” is the standard small step in an exchange rate: the fourth decimal for most pairs (0.0001 in EUR/USD), the second decimal for yen pairs (0.01 in USD/JPY). You will meet the word in every news report about currencies.
Ticks on an Indian exchange
An exchange does not use pips. It sets a TICK — the smallest step a price may move. For the INR pairs on NSE the tick is ₹0.0025 (a quarter of a paisa) (as of 3 November 2026). Prices move in whole ticks: illustrative quotes would be 85.0000, 85.0025, 85.0050 — never 85.0010.
What one tick is worth
Tick value = lot size × tick. One USD/INR lot is USD 1,000, so one tick is 1,000 × ₹0.0025 = ₹2.50 per lot. A move of 10 paise (0.10) is 40 ticks, or ₹100 per lot (as of 3 November 2026).
10 paise move40 ticks = ₹100 per lot
You’ve mastered: pips and ticks
A pip is the global market’s small step: 0.0001 for most pairs, 0.01 for yen pairs
On NSE, INR pairs move in ticks of ₹0.0025
One USD/INR lot is USD 1,000, so a tick is worth ₹2.50
Tick value grows with the number of lots — and so does the loss when the move goes against you
