Currency futures:
Currency Futures means a standardised foreign exchange derivative contract traded on a recognized stock exchange to buy or sell one currency against another on a specified future date, at a price specified on the date of contract, but does not include a forward contract.
Currency futures are permitted now only in U.S. dollar-Indian Rupee. Standardised currency futures shall have the features that: Only U.S. dollar-Indian rupee contracts are allowed to be traded; the size of each contract shall be $1,000; the contracts shall be quoted and settled in Indian rupees; the maturity of the contracts shall not exceed 12 months; the settlement price shall be the Reserve Bank’s reference rate on the last trading day.

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