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FRR Forex - Products

  FRR Forex currently offers currency futures trading on all the three exchanges i.e NSE, MCX-SX and BSE. Currency futures trading takes place in 4 currency pairs - USD-INR, EUR-INR, GBP-INR and JPY-INR. The exchanges are also expected to launch options trading in USD-INR soon.
   
DETAILS USD INR EUR INR GBP INR JPY INR
Symbol USD INR EUR INR GBP INR JPY INR
Instrument Type FUTCUR FUTCUR FUTCUR FUTCUR
Unit of trading 1 (1 unit = 1000 USD) 1 (1 unit = 1000 EUR) 1 (1 unit = 1000 GBP) 1 (1 unit = 100,000 JPY)
Underlying USD EUR GBP JPY
Quotation/Price Quote Rs per USD Rs per EUR Rs per GBP Rs per JPY
Tick size 0.25 paise or INR 0.0025
Trading Hours Monday to Friday
9:00 a.m. to 5:00 p.m.
Contract trading cycle 12 month trading cycle.
Last trading day Two working days prior to the last business day of the expiry month at 12 noon.
Final settlement day Last working day (excluding Saturdays) of the expiry month.
The last working day will be the same as that for Interbank Settlements in Mumbai.
Base price Theoretical price on the 1st day of the contract. On all other days, DSP of the contract
Price operating range Tenure up to 6 months - +/-3 % of base price

Tenure Greater than 6 month – +/- 5% of base price
Position limits Clients – higher of 6% of total open interest or USD 10 million
Clients – higher of 6% of total open interest or EUR 5 million Clients – higher of 6% of total open interest or GBP 5 million Clients – higher of 6% of total open interest or JPY 200 million
Minimum initial margin 1.75% on first day & 1% thereafter. 2.8% on First day & 2% thereafter 3.2% on first day & 2% thereafter 4.50% on first day & 2.30% thereafter
Extreme loss margin 1% of MTM value of gross open position. 0.3% of MTM value of gross open positions. 0.5% of MTM value of gross open positions. 0.7% of MTM value of gross open positions.
Calendar spreads Rs. 400/- for a spread of 1 month, Rs. 500/- for a spread of 2 months, Rs. 800/- for a spread of 3 months & Rs. 1000/- for a spread of 4 months or more Rs.700/- for a spread of 1 month, 1000/- for a spread of 2 months, Rs.1500/- for a spread of 3 months or more Rs.1500/- for a spread of 1 month, 1800/- for a spread of 2 months, Rs.2000/- for a spread of 3 months or more Rs. 600 for a spread of 1 month; Rs 1000 for a spread of 2 months and Rs 1500 for a spread of 3 months or more
Settlement Daily settlement : T + 1 and Final settlement : T + 2
Mode of settlement Cash settled in Indian Rupees
Daily settlement price (DSP) DSP shall be calculated on the basis of the last half an hour weighted average price of such contract or such other price as may be decided by the relevant authority from time to time.
Final settlement price (FSP) RBI reference rate Exchange rate published by the Reserve Bank in its Press Release captioned RBI Reference Rate for US$ and Euro.