USD/INR forward
premia curve
India's official forward curve. The 3-month premium is 2.72%, and the 12-month is 2.80%, as of 17 August 2026. For live dealer-quoted forwards alongside, see the FX spread page.
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USD/INR Spot Reference
₹95.5944
per USD
3M premium
2.72%
₹0.6546 per USD
6M premium
2.86%
₹1.4013 per USD
12M premium
2.80%
₹2.6774 per USD
Today's forward curve sits on our screen. Not this one.
The data above is 8 days late. We track the live forward curve daily for partner treasuries.
Forward premia trend
3-month, 6-month, and 12-month USD/INR forward premia. Use the range tabs to zoom.
Range
Net change · 3M
-97 bps
Full curve · 17 August 2026
Every tenor published in this run. Rate is annualised; ₹ premium is the rupee amount added to spot for that tenor's settlement.
| Tenor | Rate % | ₹ premium | Settles |
|---|---|---|---|
| O/N | 1.6648% | ₹0.0044 | 2026-08-18 |
| 1M | 2.6375% | ₹0.2279 | 2026-09-21 |
| 2M | 2.7133% | ₹0.4335 | 2026-10-19 |
| 3M | 2.7166% | ₹0.6546 | 2026-11-19 |
| 4M | 2.7436% | ₹0.8910 | 2026-12-21 |
| 5M | 2.9025% | ₹1.1631 | 2027-01-19 |
| 6M | 2.8612% | ₹1.4013 | 2027-02-22 |
| 7M | 2.8370% | ₹1.5752 | 2027-03-19 |
| 8M | 2.9075% | ₹1.8580 | 2027-04-20 |
| 9M | 2.8763% | ₹2.0565 | 2027-05-19 |
| 10M | 2.8418% | ₹2.2775 | 2027-06-21 |
| 11M | 2.8203% | ₹2.4671 | 2027-07-19 |
| 12M | 2.8008% | ₹2.6774 | 2027-08-19 |
Calendar-anchored forwards (FBD)
Future-Broken-Date forwards settle on a specific calendar-month start, not at a fixed tenor from today. Useful when you need to hedge a known month-end USD obligation.
FBD April
2.93%
₹1.7340 · settles 2027-04-02
FBD January
2.93%
₹1.0573 · settles 2027-01-04
Frequently asked
What is a forward premium?+
A forward premium is the annualised rate the USD/INR forward market is implying. If the 3-month premium is 2.93%, the market expects (on a covered-interest-parity basis) that USD will trade at a forward price roughly 0.73% higher than today's spot in three months. That's the rupee discount you're paying to lock in the rate now.
What does this curve represent?+
The USD/INR forward premia curve is the official benchmark India forward curve. Every bank's FX desk uses it as a reference, and corporate treasuries cite it in policy documents and statutory filings.
How does this relate to dealer-quoted forwards?+
Dealer forwards (what a bank's treasury desk actually quotes you) are anchored to this benchmark curve but with a bid/offer spread on top. The official curve is the mid-market consensus; the dealer is making a market around it. For live dealer quotes alongside this benchmark, see the FX spread page.
How often is this updated?+
Capera refreshes this page every 30 minutes from the upstream source. The underlying benchmark is published once each working day at approximately 16:45 IST.
For Indian importers, exporters & SMB treasuries
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