Currency futures can be bought and sold through the trading members of NSE.
A future contract is a standardized exchange traded contract, to buy and sell certain
foreign exchange rate at a certain date , at a specified price. It is exactly like
a futures contract on Nifty, futures will be cash settled. The gainer will get paid
in rupees by the loser. No foreign Exchange will change hands. Initially, only product
permitted is INR/USD,GBP,YEN,EURO futures going out to a one year maturity.
Anyone in India can trade on currency futures except NRI's and FIIs.The currency
futures are as transparent and safe for clients as the Nifty Futures Orders are
matched by price time priority.