The Currency Derivatives and Interest Rate Derivatives Trading on the Exchange was launched on Thursday, November 28, 2013 and the trading has been commenced from Friday November 29, 2013. Currency Futures trading shall commence on the contracts on US Dollar-Indian Rupee (US$-INR), Euro- Indian Rupee (EUR-INR), British Pound-Indian Rupee (GBP-INR) and Japanese Yen- Indian Rupee (JPY-INR). Currency Options trading shall commence on the contracts on US Dollar- Indian Rupee (US$- INR). Trading in Interest Rate Derivative contracts shall commence with Interest Rate Futures (IRF) contracts on 91 day Treasury Bill Futures.
Currency Derivatives are Future and Options contracts which you can buy or sell specific quantity of a particular currency pair at a future date. It is similar to the Stock Futures and Options but the underlying happens to be currency pair (i.e. USDINR, EURINR, JPYINR OR GBPINR) instead of Stocks.