USD/INR forward
premia curve
Published 7 May 2026
India's official forward curve. The 3-month premium is 2.93%, and the 12-month is 3.09%. For live dealer-quoted forwards alongside, see the FX spread page.
USD/INR Spot Reference
₹94.4909
per USD
3M premium
2.93%
₹0.6978 per USD
6M premium
3.01%
₹1.4325 per USD
12M premium
3.09%
₹2.9188 per USD
Forward premia trend
3-month, 6-month, and 12-month USD/INR forward premia. Use the range tabs to zoom.
Range
Net change · 3M
+51 bps
Full curve · 7 May 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 | 1.8275% | ₹0.0142 | 2026-05-11 |
| 1M | 2.6650% | ₹0.2138 | 2026-06-12 |
| 2M | 2.8010% | ₹0.4496 | 2026-07-13 |
| 3M | 2.9300% | ₹0.6978 | 2026-08-12 |
| 4M | 2.9984% | ₹0.9780 | 2026-09-15 |
| 5M | 3.0236% | ₹1.2054 | 2026-10-13 |
| 6M | 3.0073% | ₹1.4325 | 2026-11-12 |
| 7M | 2.9860% | ₹1.6697 | 2026-12-14 |
| 8M | 3.0029% | ₹1.9046 | 2027-01-12 |
| 9M | 2.9868% | ₹2.1341 | 2027-02-12 |
| 10M | 2.9776% | ₹2.3433 | 2027-03-12 |
| 11M | 3.0074% | ₹2.6082 | 2027-04-12 |
| 12M | 3.0890% | ₹2.9188 | 2027-05-12 |
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 January
3.01%
₹1.8450 · 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
Most Indian SMBs overpay on forward contracts.
Got a quote from your bank? Check it against the official market benchmark in 30 seconds. We'll tell you exactly how many rupees per dollar you're being charged over fair.
Source: FBIL (Financial Benchmarks India Pvt Ltd). Published once each working day at approximately 16:45 IST, with a ~7-day public mirror lag. Capera refreshes this page every 30 minutes.