Zerodha currency segment timings
The NSE / BSE currency derivatives segment (CDS / BFO-CDS) on Zerodha trades from 09:00 to 17:00 IST, longer than the equity continuous session (09:15 to 15:30) to accommodate international currency-market activity.
Session hours
| Phase | Time (IST) |
|---|---|
| Continuous trading | 09:00 to 17:00 |
| No pre-open / closing session | n/a |
| Daily settlement | After 17:00 |
The currency segment does not have the equity-style pre-open auction. Continuous matching starts at 09:00.
Currency pairs traded
Currency derivative contracts available on Zerodha:
| Pair | Description |
|---|---|
| USDINR | USD / INR (most-traded) |
| EURINR | EUR / INR |
| GBPINR | GBP / INR |
| JPYINR | JPY / INR |
| Cross pairs (some) | EURUSD, GBPUSD, etc. (cash-settled in INR) |
Contracts are listed by expiry month, with weekly contracts available for some pairs.
Why longer session than equity
Currency markets globally are 24-hour. The CDS session extends to 17:00 IST to:
- Cover European session active hours.
- Allow late-day adjustments to dollar exposure.
- Align with USDINR fixing time (the WMR fixing happens at 16:00-17:00 IST).
- Provide hedging window after equity market close.
The 17:00 close is well before the start of the US session; some traders use OTC markets after CDS close.
Expiry timings
Currency derivative contracts:
- Monthly futures: Expire on the last working day of the contract month.
- Weekly futures: Expire on Friday.
- Options (weekly): Expire on Friday.
- Options (monthly): Expire on the last working day of the contract month.
Expiry is at 12:00 noon IST for most CDS contracts (not at session close).
Settlement
Daily MTM settlement happens post-17:00:
- Profit / loss credited / debited overnight.
- Margin requirements updated.
- Next-day session opens with adjusted margin.
Final settlement (on expiry):
- For futures: contract value at the RBI reference rate on expiry date.
- For options: similar reference-rate-based settlement.
Margin
Currency derivatives margin is much lower than equity F&O:
- SPAN margin: Typically 1-2% of notional value.
- Exposure margin: Small additional buffer.
Total initial margin: ~3-4% of notional for most contracts. This makes currency derivatives capital-efficient but leverages position size significantly.
Liquidity
USDINR is the deepest contract by far:
- Highest volume.
- Tightest spreads.
- Multiple weekly and monthly expiries.
Other pairs (EURINR, GBPINR, JPYINR) have lower but adequate liquidity at ATM strikes.
On Zerodha Kite
For clients with the currency segment active:
- Search USDINR, EURINR, etc. in the marketwatch.
- Trade during 09:00 to 17:00 IST.
- Margin updated continuously.
- Closing session for the day at 17:00.
For activation: contact Zerodha support; currency requires income proof similar to F&O.
Holidays
The currency segment follows the broader Indian exchange holiday calendar. See Zerodha holiday list 2026 .
Note: Some international currency events (Federal Reserve meetings, ECB decisions) happen outside Indian session hours. The next-day session opens with overnight gap reflecting these events.
Tax treatment
Currency derivative P&L is taxed as business income (not capital gains), similar to F&O:
- Speculative or non-speculative based on the trade type.
- Subject to tax-audit requirements above certain turnover thresholds.
For complex tax situations involving currency derivative business income, consult a Chartered Accountant before filing.
See also
- Zerodha market timings
- Zerodha holiday list 2026
- Zerodha Muhurat trading 2026
- Zerodha pre-market session timings
- BSE Sensex options trading hours
- Zerodha MCX trading hours
- Pre-open session
- Closing session NSE
- How to add F&O contracts to the marketwatch
- How to add scrips to the Kite marketwatch
- How to add instruments to the marketwatch on Kite
- Market depth view on Kite
- Settlement cycle changes 2025-26
- SPAN and exposure margin on Kite
- Margin required on order window
- Margin available / used / cash on Kite funds
- 50:50 cash collateral rule explained
- Kite Positions tab explained
- Kite Holdings tab explained
- Futures and options
- USDINR currency futures
- Reserve Bank of India
- Securities Transaction Tax
- Speculative business income (India)
- National Stock Exchange
- Bombay Stock Exchange
- Kite (Zerodha)
- Zerodha
- SEBI
External references
- NSE currency derivatives segment
- BSE currency derivatives
- Zerodha Support, currency
- RBI reference rates
References
- NSE India, Currency derivatives segment trading hours, nseindia.com.
- BSE India, Currency derivatives session hours, bseindia.com.
- SEBI, Currency derivatives framework, sebi.gov.in.
- Zerodha Support, Currency segment on Kite, support.zerodha.com.