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In the USD/INR options market, each contract represents 1,000 USD. This means that when you trade a single options contract, you're effectively dealing with 1,000 US dollars against Indian rupees. This standard lot size facilitates uniformity and liquidity in the currency derivatives market.
The underlying for USD-INR options is the USD-INR currency pair, representing the exchange rate between the US dollar (USD) and the Indian rupee (INR). The value of the options is derived from movements in this exchange rate.
USD-INR options contracts trade from 9:00 AM to 5:00 PM on business days. Each contract represents a lot size of 1,000 USD, enabling traders to hedge or speculate on movements in the USD-INR exchange rate.
The quotation of USD-INR options is expressed in terms of the Indian rupee per US dollar. For example, a quote of 82.50 indicates that 1 US dollar is equivalent to ₹82.50. The price movements reflect changes in the USD-INR exchange rate.
The contract cycle for USD-INR options includes 12 monthly contracts and additional 3 quarterly contracts. The monthly contracts expire on the last Thursday of the expiry month, while the quarterly contracts align with the last Thursday of the respective quarter.
USD-INR options are settled in cash. The settlement price is determined based on the RBI reference rate for USD-INR on the expiry day. Any profit or loss is calculated in Indian rupees and credited to the trader's account after expiry.
