USD/INR forward
premia curve
India's official forward curve. The 3-month premium is 5.00%, and the 12-month is 3.60%, as of 9 October 2026. For live dealer-quoted forwards alongside, see the FX spread page.
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USD/INR Spot Reference
₹96.6906
per USD
3M premium
5.00%
₹1.2174 per USD
6M premium
4.38%
₹2.1089 per USD
12M premium
3.60%
₹3.4824 per USD
Today's forward curve sits on our screen. Not this one.
The data above is 7 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
+188 bps
Full curve · 9 October 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 |
|---|---|---|---|
| 1M | 5.2090% | ₹0.4281 | 2026-11-13 |
| 2M | 4.8047% | ₹0.7891 | 2026-12-14 |
| 3M | 4.9954% | ₹1.2174 | 2027-01-13 |
| 4M | 4.5857% | ₹1.5306 | 2027-02-16 |
| 5M | 4.3118% | ₹1.7476 | 2027-03-15 |
| 6M | 4.3760% | ₹2.1089 | 2027-04-13 |
| 7M | 4.1950% | ₹2.3559 | 2027-05-13 |
| 8M | 4.0345% | ₹2.6078 | 2027-06-14 |
| 9M | 3.8972% | ₹2.8184 | 2027-07-13 |
| 10M | 3.7817% | ₹3.0455 | 2027-08-13 |
| 11M | 3.6859% | ₹3.2710 | 2027-09-13 |
| 12M | 3.6016% | ₹3.4824 | 2027-10-13 |
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
4.43%
₹2.0046 · settles 2027-04-02
FBD January
5.13%
₹1.1286 · 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.
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