RBI introducing Currency futures

RBI has set the guidelines for currency futures trading and SEBI has asked for invitations. BSE, NSE and MCX have applied for the same. Currency Future which is FX future (foreign Exchange future) is futures contract to exchange one currency for another at a specified date in the future at a price (exchange price) that is fixed on the purchase date. Most of the times one of the currencies is USD. USD constitutes of 75% of world futures. So, India is getting into full-fledged derivatives market with one more step. What are futures? Exchange traded agreements for future date as contract in terms currency or any other commodity.