CCIL imposes additional margin on dlr-rupee fwd trade after high volatility
This story was originally published at 16:13 IST on 2 April 2026
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--CCIL: To impose 20% initial margin as volatility margin in FX fwd segment
--CCIL: Imposed 20% initial margin as volatility margin in FX fwd segment
--CCIL: Saw significant volatility in dollar-rupee forward rate Thu
--CCIL:Volatility margin in FX fwd also applies to dlr-rupee options segment
NEW DELHI – Clearing Corp. of India Thursday imposed an additional margin on dollar-rupee forward trades after noting significant volatility in the market. CCIL said it would levy a volatility margin of 20% of initial margin with immediate effect under its foreign exchange forward segment regulations.
The clearing house said that the measure would effectively amount to an increase in total margin utilisation for foreign exchange forward segment. "Incidentally, volatility margin if imposed in forex forward segment, such quantum of volatility margin shall be applicable also in FX USDINR Option Segment," it said.
Dollar-rupee forward premiums have seen heightened volatility in the last few days following the Reserve Bank of India's latest measures to curb arbitrage and speculative trade in the foreign exchange market. Case in point: On Thursday, the one-year forward premium hit a near four-year high, rising almost 80 basis points from its previous close. The rupee has also witnessed considerable volatility following the central bank's latest directions. The Indian currency rose 1.8% against the dollar Thursday, most since August 2013.
The clearing platform also asked members to keep their common collateral accounts funded, saying the volatility margin would remain in effect until further notice. End
US$1 = INR 93.10
Reported by Pratiksha
Edited by Akul Nishant Akhoury
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