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A currency trader can buy & sell positions, generally in pairs of currencies like USDINR, USDJPY, and more. This is generally done via a currency trading app with which you’ll have to open a forex trading account. After that, you can deposit the margin required by the broker to start trading currencies.
No, a Demat account is not required for trading currencies in India. The reason is simple. You won’t be taking delivery of any currency as most currency trades are settled in cash. Thus, you’ll only need a currency trading account to get started.
A currency option like USD-INR has two components: put and call. A put option gives a trader the right to sell a currency pair at a specific price and time. On the other hand, a call option gives a trader the right to buy a currency pair at a specific price and time. Trading options of currency pairs like USD-INR, EUR-INR, and more require a currency trading account.
Yes, currency futures have been available in India since 2008 when the segment was introduced on NSE. Currency futures allow traders to hedge their strategy on a price movement of a currency pair. This is done through a futures contract that’s an obligation to buy the underlying asset at a predetermined price and date.
The Indian currency trading segment is active from 9.00 AM to 5.00 PM on weekdays. Cross currency futures (USDEUR, USDJPY, etc) can be traded from 9.00 AM to 7.30 PM. Know more about forex market hours right here.
BCD or BSE Currency Derivatives is the home of currency f&O (derivatives) on BSE. CDS or Currency Derivatives Segment is the home of currency f&o on NSE. Fun fact: NSE was the first stock exchange to get approval to offer currency derivatives in India back in 2008.
Here are the four types of currency pairs that are available for futures and options trade in India: