USD/INR forward
premia curve
India's official forward curve. The 3-month premium is 3.19%, and the 12-month is 2.98%, as of 23 June 2026. For live dealer-quoted forwards alongside, see the FX spread page.
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USD/INR Spot Reference
₹94.7450
per USD
3M premium
3.19%
₹0.7627 per USD
6M premium
3.09%
₹1.4924 per USD
12M premium
2.98%
₹2.8218 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
-27 bps
Full curve · 23 June 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 | 2.4833% | ₹0.0064 | 2026-06-24 |
| 1M | 3.2481% | ₹0.2698 | 2026-07-27 |
| 2M | 3.2481% | ₹0.5143 | 2026-08-25 |
| 3M | 3.1936% | ₹0.7627 | 2026-09-25 |
| 4M | 3.2020% | ₹1.0223 | 2026-10-26 |
| 5M | 3.1614% | ₹1.2556 | 2026-11-25 |
| 6M | 3.0901% | ₹1.4924 | 2026-12-28 |
| 7M | 3.1350% | ₹1.7415 | 2027-01-25 |
| 8M | 3.0515% | ₹1.9406 | 2027-02-25 |
| 9M | 3.0073% | ₹2.1311 | 2027-03-25 |
| 10M | 3.0633% | ₹2.4252 | 2027-04-26 |
| 11M | 3.0219% | ₹2.6199 | 2027-05-25 |
| 12M | 2.9783% | ₹2.8218 | 2027-06-25 |
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
3.10%
₹2.2616 · settles 2027-04-02
FBD January
3.20%
₹1.6054 · 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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