Top 20 Currency Pairs for Indian Traders (Including USD/INR Guide)

Forex (foreign exchange) trading means buying one currency while selling another on the global foreign exchange market. It is the world’s largest and most liquid financial market, open 24 hours a day (five days a week). A currency pair quotes one currency’s value against another. The first currency is the base and the second is the quote. For example, EUR/USD = 1.2500 means 1 euro (EUR) is worth 1.25 US dollars (USD). In that quote, EUR is the base and USD the quote currency. Orderglo, a regulated forex broker and trading platform, educates Indian traders in these basics (currency trading for beginners) with multiple account types and training tools.

Trading major currency pairs often has high liquidity and tight spreads, which Indian traders favor. Major pairs like EUR/USD, USD/JPY and GBP/USD involve large economies and see heavy volume, so traders can execute orders with little slippage. Minor currency pairs (crosses that exclude USD) such as EUR/GBP or GBP/JPY are also popular among Indian traders – they still have active markets though slightly lower liquidity.

Exotic or INR pairs (like USD/INR, EUR/INR) tend to have lower liquidity and wider spreads, but are very relevant for India’s importers and exporters. Overall, liquidity (market depth), volatility (price swings) and spread (bid-ask gap) are key considerations. High liquidity (as with EUR/USD) means small spreads and easier execution. Volatility tells how fast prices move – high volatility can bring big profits (and risk) while low volatility means slower moves. Spread is essentially the trading cost (difference between buy/sell price) and is tightest on liquid majors and widest on exotic pairs.

What Are Currency Pairs? (Basic Concepts for Beginners)

Currencies are always traded in pairs. In every pair, there is a base currency and a quote currency. The quoted price tells how much of the quote currency you need to buy one unit of the base. For example, if EUR/USD = 1.2500, one euro equals 1.25 US dollars. When you buy EUR/USD, you buy EUR and sell USD; when you sell EUR/USD, you sell EUR and receive USD. All currency pairs work this way. A trader might hear that EUR/USD has “tight spreads” and “high liquidity” this refers to the fact that EUR/USD is the world’s most traded pair, making it very liquid.

Major pairs always involve the USD (e.g. EUR/USD, GBP/USD, USD/JPY) and are the most heavily traded. Minor (cross) pairs do not involve USD (e.g. EUR/GBP, EUR/JPY) and have slightly less volume. Exotic pairs involve one major currency and one emerging currency (like USD/INR, USD/ZAR) and usually have lower liquidity and wider spreads. Understanding how base and quote work, and distinguishing majors, minors and exotics, is the first step for currency trading for beginners.

Why Indian Traders Prefer Major & Minor Pairs

Indian forex traders tend to favour major and some minor pairs because of their deep liquidity and predictable behaviour. Major pairs (USD/EUR, USD/JPY, USD/GBP, etc.) are always the top global volumes. For instance, EUR/USD alone makes up around 24% of daily forex turnover. This deep volume means Indian brokers can offer very tight spreads on these pairs an attractive feature for traders. High liquidity also means that large positions can be opened or closed without moving the market much. Cross-currency minors like EUR/GBP or GBP/JPY are also popular, especially during London trading hours, because they allow trading opportunities without USD. These pairs still see active volume, though not as much as majors.

Another reason is familiarity and news flow. Major currencies are backed by large economies (e.g. U.S., Eurozone, Japan, U.K.), so plenty of economic data, central bank news and analysis is available. This transparency can make trading decisions more informed. Exotic or less-used pairs have more erratic moves and less information, which can be risky for many traders.

In India specifically, traders also look at pairs with INR. While these are technically “exotic” globally, USD/INR, EUR/INR and GBP/INR are allowed on Indian exchanges (see below) and are used for hedging import/export currency risk. Overall, liquidity, familiarity with the currencies, and better trading conditions (low spread/high volume) drive the focus on major and selected minor pairs.

Understanding Liquidity, Volatility & Spread in Forex

When choosing a pair, traders must consider liquidity, volatility and spread. Liquidity means how easily you can buy or sell a currency without moving its price. Major pairs like EUR/USD and USD/JPY have huge liquidity, as they involve the world’s reserve currency plus another big one. This translates into very tight spreads, meaning the difference between bid and ask prices is small. For example, EUR/USD often has a spread of just 0.5 pip or less. In contrast, exotic pairs (like USD/INR) often have much lower liquidity and hence wider spreads meaning higher transaction cost.

Volatility measures how much and how quickly a pair’s price moves. A currency that swings widely (like GBP pairs often do) has high volatility this can mean bigger profit or loss potential. A pair with very low volatility will creep up or down slowly, offering fewer immediate trading swings. Traders match this to their style: scalpers may prefer moderate volatility pairs with low spread, whereas swing traders might seek higher volatility to capture large moves.

Spread is essentially a trading cost, so tighter spreads are generally better, all else equal. Because of big liquidity and competition among banks, major pairs like EUR/USD have the narrowest spreads. Minor pairs have slightly higher spreads , and exotics or thinly traded crosses can have very wide spreads. When Indian traders ask “which pairs are best,” it often means pairs that are liquid, have regular volatility, and reasonable spreads.

Top 20 Most Traded Currency Pairs for Indian Traders

Indian traders actively trade a wide range of pairs. Below are the Top 20 categories and examples, grouped by type:

• Major Pairs (USD in the pair): EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD, NZD/USD. These seven dominate global volume.
• Minor (Cross) Pairs: EUR/GBP, EUR/JPY, GBP/JPY, EUR/AUD, AUD/JPY, GBP/AUD, EUR/CAD, etc. These do not include USD but involve major currencies. They are still heavily traded, especially in London and Tokyo sessions.
• Commodity Crosses: Pairs involving commodity-linked currencies, e.g. AUD/USD (Aussie tied to metals/China), USD/CAD (petrocurrency tied to oil), NZD/USD. These often reflect commodity price trends.
• CHF Pairs: USD/CHF, EUR/CHF. Swiss franc pairs are known for safe-haven flows; CHF tends to strengthen in market stress.
• Exotic Pairs (INR and others popular in India): USD/INR, EUR/INR, GBP/INR, JPY/INR. These are the only INR-crosses permitted on Indian exchanges and are especially watched by Indian importers/exporters.
• Emerging Market Picks: USD/ZAR (South African rand), USD/TRY (Turkish lira), USD/MXN (Mexican peso), USD/SGD (Singapore dollar) etc. These see less volume than majors but are traded by many global brokers and can have big trends, albeit with higher spreads.

Many of the above pairs also qualify as best currency pairs for Indian traders due to their balance of liquidity and volatility. The ones involving INR are covered in detail in the USD/INR guide below.

Major Currency Pairs

• EUR/USD (Euro/US Dollar): By far the most traded pair globally, EUR/USD combines the US and Eurozone economies. Its massive daily volume gives it enormous liquidity and ultra-tight spreads. Major events like Fed or ECB interest rate decisions often move it. It typically trends steadily, driven by interest rate differentials (e.g. higher US rates can strengthen USD vs EUR).
• GBP/USD (British Pound/US Dollar): Nicknamed “Cable”, GBP/USD historically made up ~9.6% of daily forex volume. The pair can be quite volatile (relative to EUR/USD) because the UK economy reacts to different factors. Strong UK growth tends to strengthen GBP, and vice versa. Its high volatility offers opportunities for traders, but watch for large swings around UK and US economic news.
• USD/JPY (US Dollar/Japanese Yen): The second-most-traded pair (~13.2% of volume). USD/JPY benefits from both the US dollar’s global dominance and the yen being Asia’s most traded currency. The Bank of Japan’s ultra-low rates and Japan’s export-driven economy mean USD/JPY often trends. It usually has low spreads and remains liquid day and night. Traders watch interest rate differentials (Fed vs. BOJ policy) for direction.
• USD/CHF (US Dollar/Swiss Franc): The USD/CHF pair and its cross EUR/CHF involve Switzerland’s safe-haven franc. In times of global uncertainty, CHF often strengthens (making USD/CHF fall). Spreads are generally low. Because Switzerland has negative/very low rates, USD/CHF can have carry-trade flows.
• USD/CAD (US Dollar/Canadian Dollar): A “commodity currency” pair sensitive to oil prices. Canada is a major oil exporter, so rising crude oil often strengthens CAD (making USD/CAD fall), and vice versa. It is actively traded by Indian commodity analysts for that reason. Spreads on USD/CAD are normally very tight.
• AUD/USD (Australian Dollar/US Dollar): The “Aussie” is tied to commodity exports (especially iron ore, coal) and Chinese demand. AUD/USD accounted for ~5.4% of global trades in 2019. It has decent volatility: when Chinese data or commodity prices rise, AUD tends to gain against USD. Tight spreads are common, but it can be choppier around Asian trading hours.
• NZD/USD (New Zealand Dollar/US Dollar): The “Kiwi” dollar is another commodity pair (agriculture, dairy, commodities). It often moves with AUD/USD but can have idiosyncrasies due to New Zealand’s own rate policy. It is also liquid and tradable, though slightly lower volume than the above majors.

Minor Currency Pairs (Crosses)

• EUR/GBP (Euro/British Pound): A cross between two major European currencies. This pair often has strong medium-term trends but smaller swings than those involving USD. It trades on European business hours. Spreads are moderate; volatility is generally lower than EUR/USD or GBP/USD because both economies move somewhat together.
• EUR/JPY (Euro/Japanese Yen): A popular cross pairing the euro with the yen. It blends Europe’s and Japan’s market moves. Traders like it for capturing moves that occur when Europe and Asia markets are open (often shows good swings). Liquidity is high for a cross, and spreads are reasonable.
• GBP/JPY (British Pound/Japanese Yen): One of the more volatile crosses. It combines GBP’s movements with yen moves, so it often jumps on global risk sentiment. It can make large swings in short time useful for experienced traders. Spreads are wider than majors, reflecting slightly lower volume, but many day traders use it for its range.
• EUR/AUD, EUR/CAD, GBP/AUD, etc.: Other minor pairs involving commodity currencies or regional crosses. They are actively traded by those seeking diversification beyond USD-based pairs. Each has its own drivers (e.g. European vs Australasian data). These trades typically have slightly larger spreads than majors but still benefit from deep regional liquidity.

Exotic Currency Pairs (Popular in India)

• USD/INR (US Dollar/Indian Rupee): The most critical pair for Indian traders. Though an “exotic” by global markets, USD/INR is heavily traded domestically (through NSE/BSE) and reflects India’s international trade. It has unique factors: RBI interventions, India’s inflation, government policies, and global risk all influence it. We discuss USD/INR in depth below.
• EUR/INR (Euro/Indian Rupee): India trades heavily with Europe, so EUR/INR is also popular. Movements reflect EUR/USD swings plus Eurozone vs Indian economic differences. Liquidity is lower than USD/INR, so spreads are wider. Traders often use it to hedge European exposure.
• GBP/INR (British Pound/Indian Rupee): Used by firms trading with the UK. It tends to be even more volatile and less liquid than EUR/INR. GBP/INR moves track GBP/USD and USD/INR together.
• JPY/INR (Japanese Yen/Indian Rupee): Though less traded, this pair exists on Indian exchanges. Its moves combine USD/INR and USD/JPY behaviour. It sees occasional use by Indian importers of Japanese goods.

These INR pairs are the only ones authorized for onshore forex trading in India making them natural choices for many Indian investors. They tend to have much wider spreads than majors, reflecting lower trading volume, but they directly hedge domestic currency exposure.

Detailed Breakdown of Key Pairs

Below we highlight some of the top global pairs in more detail, explaining why they matter to traders.

• EUR/USD -Most Liquid Pair: EUR/USD is by far the world’s most liquid pair. Its deep liquidity means extremely tight spreads, which reduces trading costs for scalpers and day traders. Large economic releases (ECB vs. Fed interest rates, US GDP, etc.) often move EUR/USD. Its price usually follows macro trends (e.g. if US rates rise faster, USD strengthens against EUR). Its predictability and tight spreads make it a favourite, especially for beginners learning currency trading.
• GBP/USD -High Volatility & Opportunities: GBP/USD (‘Cable’) is known for larger swings. It has benefited historically from a strong British economy or weakening US dollar. News like Brexit or UK elections can cause sharp moves. While still liquid, GBP/USD typically has slightly wider spreads than EUR/USD. Traders often watch the interest rate differential between the Bank of England and the Fed, which strongly influences this pair. High volatility means bigger profit potential (but also risk of whipsaws).
• USD/JPY -Low Spread, High Volume: USD/JPY combines the world’s top currencies (USD and yen). It enjoys extremely high volume (13%+ of daily forex) and correspondingly tight spreads. As Japan’s central bank often keeps rates very low, USD/JPY has historically been a popular carry-trade currency (borrowing yen cheaply to buy higher-yield currencies). Safe-haven flows can push yen up (dropping USD/JPY) in market stress. Many Indian traders like USD/JPY for its clear trends and low cost of trading.
• AUD/USD -Commodity Influence: The Australian dollar is closely tied to China’s economy and commodities. When commodity prices (like iron ore or copper) rise, AUD tends to strengthen vs USD. Conversely, if China’s growth slows, AUD often weakens. Thus AUD/USD traders watch commodity markets and Chinese data. Spreads on AUD/USD are usually narrow, but it can be choppier if Asian markets are slow.
• USD/CAD -Oil Correlation: As Canada is a major oil exporter, USD/CAD often moves inversely to crude oil prices. Rising oil makes CAD more valuable, so USD/CAD typically drops (and vice versa). Traders use USD/CAD to play oil-market trends. It has solid liquidity and relatively low spreads. Timing trades around OPEC decisions or Canadian economic data (like CPI) is common strategy.
• EUR/GBP -Strong Momentum Trends: This Euro/British pound cross often exhibits clear trends, driven by divergences between Eurozone and UK economies. For example, if UK growth outpaces EU, GBP tends to strengthen (EUR/GBP falls). Compared to majors, EUR/GBP has fewer whipsaws and moderate volatility. Its spreads are wider than EUR/USD but tighter than most exotics. Many swing traders favour this pair when they have a view on European vs British fundamentals.
• CHF Pairs -Safe-Haven Behavior: The Swiss franc is seen as a safe-haven currency. Pairs like USD/CHF and EUR/CHF often move during risk-off events. In market turmoil, investors pile into CHF, causing CHF cross rates to strengthen (USD/CHF falls, EUR/CHF falls). These pairs typically have low volatility in calm markets, but they react strongly to global shocks. Spreads are usually low thanks to Switzerland’s deep financial markets. Traders often include CHF crosses to hedge geopolitical or market fears.
• Emerging Market Picks: For adventurous traders, pairs like USD/ZAR (South African rand), USD/TRY (Turkish lira), and USD/MXN (Mexican peso) offer very high volatility and potential profit. These currencies can trend sharply on local news or commodity moves (ZAR on gold/oil, TRY on Turkish policy, MXN on oil). However, spreads are wide and market depth is lower, so risk is higher. Indian traders sometimes keep an eye on these for global diversification, but usually trade them with caution.

USD/INR: Special Guide for Indian Forex Traders

Why USD/INR Is the Most Important Pair for Indians

USD/INR is the lifeblood of India’s foreign exchange market. It underpins almost all international trade prices for India (imports of crude oil, electronics, etc.) and exports (IT services, textiles). Movements in USD/INR directly affect inflation (cheaper rupee makes imports costly) and corporate profits. Because of this, every RBI statement or large portfolio flow can sway USD/INR significantly. In late 2025, USD/INR hit record highs (~₹90.55 = $1), illustrating its volatile nature. Indian traders monitor USD/INR closely a weakening INR can hurt import-dependent businesses, while a stronger rupee can spur export gains.

RBI Influence on USD/INR Movements

The Reserve Bank of India (RBI) plays a key role in USD/INR dynamics. The RBI has enormous forex reserves and can intervene by buying or selling USD. In recent news, RBI reportedly sold dollars (through state banks) to cap the rupee’s decline when USD/INR neared all-time highs. Officially, RBI Governor has said India maintains no fixed band, but RBI uses tools like FX swaps and open market operations to smooth volatility. For example, in Dec 2025 it arranged multi-year USD/INR buy-sell swaps worth billions to stabilize markets. In general, traders assume RBI will gently resist sharp rupee falls but allow gradual adjustment. This managed float means USD/INR often stays within broad levels unless big external shocks hit.

Key Factors Affecting USD/INR

Several macro factors move USD/INR:

• Crude Oil Prices: India imports ~80% of its oil. Rising global oil prices increase India’s import bill, weakening INR. For instance, analysts note that oil is the largest source of imported inflation in India. Conversely, if oil prices fall, import costs drop and INR can strengthen modestly.
• Inflation: Higher domestic inflation tends to weaken the rupee, as it reduces RBI’s room to tighten rates. In 2025, inflation was relatively subdued, which has helped stabilize INR. Traders watch India’s CPI and WPI figures; a surprise rise could put INR under pressure.
• GDP/Growth: Faster growth in India (or globally) affects currency flows. Strong GDP growth may attract long-term foreign capital (strengthening INR), but also raise imports. Conversely, a slowdown can reduce FDI/FDI inflows. Economic reports, monsoon outcomes (affecting food prices), and government spending all feed into USD/INR.
• Foreign Flows (FII/FPI): Large inflows or outflows of foreign investment hugely impact USD/INR. In 2025, for example, foreign investors sold about $18 billion of Indian shares year-to-date, making India one of the worst hit by outflows. Such outflows meant foreign traders sold rupees to buy dollars, pushing USD/INR higher. Conversely, if foreign funds buy Indian stocks/bonds, INR tends to strengthen. Portfolio flows are very sensitive to global risk appetite and India’s relative yields.
• Global Risk and Dollar Index: The USD/INR pair also moves with the US dollar index. A strengthening USD globally (driven by Fed rate hikes or safe-haven demand) usually weakens INR. In 2025, the rupee’s drop mirrored the US dollar index’s rise early in the year.

Best Time to Trade USD/INR

India’s official currency market (NSE/BSE) is open 9:00 AM – 5:00 PM IST. Within that window, peak USD/INR activity is generally in the late morning to afternoon, especially during global market overlaps. In practice, the most liquid times are when both Indian markets and overseas markets are active. In particular, the overlap of the London and New York sessions (around 12:00-16:00 UTC, which is late afternoon/early evening in India) sees the highest forex volume. Indian traders often watch USD/INR particularly around these hours. Outside 9-5 IST, traders can use offshore NDF (non-deliverable forward) markets for USD/INR 24/5, but at higher cost. For onshore trading, the golden hours are India’s banking hours overlapping with US and European markets.

USD/INR Volatility Trends Over the Last 5 Years

The rupee has experienced significant volatility in recent years. From 2020 to 2023, the rupee moved from around ₹71 per USD to the mid-80s. In late 2025 it weakened to about ₹90.5, a record low. Over the last five years, USD/INR has seen swings of 20-25% from troughs to peaks, driven by events like the COVID shock, Fed tightening, and large portfolio flows. This sustained drift has kept traders alert; even without high-frequency moves, the secular trend has been a weakening rupee. Historically, after major swings (like a fall from ₹71 to over ₹80 by 2023, the rupee often stabilises. Monitoring trends (for example by using trendlines or VWAP on charts) is useful. Overall, recent volatility has been relatively high by historical Indian standards, reflecting both domestic factors and global USD strength.

How to Choose the Best Currency Pair to Trade in India

Selecting a pair should match your trading strategy, risk appetite and market conditions.

• Match Pair to Strategy: Scalpers and day traders often pick high-liquidity, moderate-volatility pairs (e.g. EUR/USD, USD/JPY) because they can enter/exit quickly with tight spreads. Swing or position traders may choose pairs with higher volatility (e.g. GBP/JPY, USD/TRY) to capture larger moves over days. Beginners often start with major USD pairs (EUR/USD, GBP/USD) or even USD/INR (since it’s familiar and regulated) before moving to exotic or cross pairs.
• Volatility & Spread Consideration: If you prefer quieter trades, look at lower-volatility crosses (EUR/GBP, USD/CHF). For bigger swings, target volatile pairs (GBP/USD, USD/ZAR). In all cases, note the spread: high-volatility pairs often have wider spreads, which you pay on every trade. Always check a pair’s average spread on your platform before trading it heavily.
• Risk Management (Leverage, Lot Size & Position Sizing): Never ignore risk. Use leverage carefully remember it can magnify losses as well as gains. Industry experts recommend risking no more than ~3% of your capital on a single trade. This means adjust your lot size and stop-loss so that if the trade hits your stop, you lose at most 3%. For example, if ₹100,000 is your capital, a 3% risk is ₹3,000. You choose position size so that the stop-loss (in pips) translates to ~₹3,000. Manage leverage so you are comfortable: although brokers offer up to 1:400 (as Orderglo does), most experienced traders use far less. A smaller lot size on a high-leverage account is essentially the same as larger lot on lower leverage, but psychologically safer. In short, choose pairs whose typical daily moves allow you to set reasonable stops and still meet your profit targets, without over-leveraging.

Tools & Indicators for Analyzing Currency Pairs

Traders use both technical and fundamental tools to evaluate currency pairs:

• Technical Indicators:
  • RSI (Relative Strength Index): A momentum oscillator that measures the speed and magnitude of recent price changes. RSI helps identify overbought (>70) or oversold (<30) conditions. Many Indian traders use RSI on forex charts to spot potential reversal points or confirm trend strength.
  • MACD (Moving Average Convergence Divergence): A popular trend-following tool that plots the difference between two moving averages. MACD signals can indicate shifting momentum. For example, a bullish MACD crossover might confirm a buy signal. It’s widely available on trading platforms.
  • Moving Averages (MA): Simple or exponential moving averages smooth price data to highlight trend direction. A rising 50-day MA suggests an uptrend, while a falling MA suggests downtrend. Traders look for MA crossovers (e.g. 50-day MA crossing above 200-day MA) as signals. MAs also act as dynamic support/resistance levels.
• Fundamental Analysis Tools:
  • Economic Calendar: Track key scheduled news (GDP, inflation, central bank decisions) for the currencies you trade. For USD/INR, watch US Fed meetings, US jobs data, and India’s GDP/inflaion prints.
  • News & Events: Follow credible sources (Central bank press releases, major news agencies) for surprise announcements. For example, RBI policy commentary or an unexpected tariff announcement can move currency pairs sharply.
• Correlation Analysis: Currency pairs often move in relation. For instance, EUR/USD and USD/CHF often move inversely (strong EUR tends to weaken CHF) because of how USD interacts. Traders use correlation matrices or charts (many trading platforms offer this) to understand if two pairs trade together. This helps in risk management: if two positions are highly correlated, your risk effectively doubles. For Indian traders, it can be helpful to note USD/INR often correlates positively with USD/JPY and USD/CHF (all include USD index moves).

Using a mix of these tools trend indicators, momentum gauges, and fundamental calendars helps Indian traders make informed decisions. Orderglo’s OG Platform and MT5 both include built-in RSI, MACD, and MA indicators, as well as news feeds, enabling comprehensive analysis.

Trading Platforms & Brokers for Indian Forex Traders

Choosing the right platform and broker is crucial:

Features to Look For in a Forex Trading Platform

Indian traders should seek platforms that are intuitive, fast, and reliable. Key features include real-time charts, one-click order execution, and a stable connection. Mobile and desktop apps should sync seamlessly. Platforms like MetaTrader 5 (MT5), cTrader, or Orderglo’s proprietary OG Platform are popular. They offer advanced charting tools and automated trading (Expert Advisors) if you wish. Integration of features like alerts, strategy testing, and risk calculators can be very helpful. Since Indian trading is subject to precise timing, choose a platform that provides 24/7 market news and fast execution of trades.

Regulation, Account Types & Security

Always use a regulated forex broker. In India, retail forex trading must occur through RBI-authorised platforms or SEBI-recognized exchanges. Orderglo operates under global regulations and provides fully compliant trading environments. Indian law prohibits trading via unauthorised offshore sites. Note also that Indians cannot route offshore margin payments through the Liberalised Remittance Scheme (LRS). Ensure the broker’s accounts protect your funds (segregated accounts, investor protection schemes if available). Look for transparent fee structures – low commissions and narrow spreads – and robust customer support. For risk management, brokers should allow position sizing, stop-loss orders, and max leverage controls.

Popular Global Platforms

• MetaTrader 5 (MT5): An industry-standard platform offering advanced charts, algorithmic trading, and news feeds. It supports trading dozens of forex pairs. Many forex brokers (including Orderglo) offer MT5 due to its flexibility and reliability.
• cTrader: Another powerful platform, cTrader is known for its intuitive interface and level-II pricing (market depth). Some traders prefer it for its easy customization.
• Proprietary Platforms: Some brokers have their own platforms. Orderglo’s OG Platform is designed for performance, with integrated risk management tools, multi-chart layouts, and rapid order routing. It’s fully web-based and also available as a desktop app. Proprietary platforms may offer unique features (like gamification, social trading) that differ from MT5 or cTrader.

Always test a platform with a demo account before trading live, to ensure it fits your style.

FAQs About Currency Pairs for Indian Traders

Which currency pairs are best for beginners in India? Beginners usually start with highly liquid major pairs, such as EUR/USD, USD/JPY, and GBP/USD, because these have tight spreads and abundant market information. For Indians specifically, trading USD/INR or EUR/INR on NSE/BSE is also common for newcomers, since they are directly relatable to domestic currency and economic news.

Is it legal to trade all currency pairs in India? No. Indian residents can only trade forex pairs that are permitted by RBI/SEBI and executed on approved platforms. The allowed pairs on Indian exchanges are the INR-crosses (USD/INR, EUR/INR, GBP/INR, JPY/INR) and a few global crosses on MTF (like USD/JPY, EUR/USD, GBP/USD). Trading other pairs via unauthorised routes is against FEMA regulations. Always use a broker and platform that is compliant with Indian rules.

Can Indian traders trade USD/INR 24/7? Onshore USD/INR trading is limited to exchange hours (generally 9:00 AM-5:00 PM IST). There is no continuous 24/7 market for INR pairs in India. Global forex markets are 24/5, but Indian traders can only trade INR pairs during the NSE/BSE currency segments (with a possible extended window for INR pairs up to 7:30 PM IST). Outside these hours, USD/INR is traded offshore as a non-deliverable forward (NDF) market, but that is a different contract, usually with higher costs and not accessible through Indian rupee accounts.

What factors make a currency pair “good” for trading? A “good” pair typically has high liquidity (easy execution, low spread) and volatility appropriate to your style. Major pairs (like EUR/USD) often fit this bill due to their deep markets. A good pair should fit your analysis: for example, if you rely on economic news, trade pairs with strong fundamentals coverage. Also consider spread: tighter spreads (common in majors) reduce cost. Finally, ensure the pair aligns with your time zone and strategy (e.g. trade USD/JPY during Asian hours, GBP/JPY during London hours). Fundamentally, a pair that moves predictably with news you can follow, and one where you can manage risk (through reasonable lot sizes and stops), is “good” for you.

Conclusion

Forex trading offers Indian traders a broad universe of pairs to explore. Majors like EUR/USD, USD/JPY, GBP/USD, and USD/CHF dominate global volumes and are excellent starting points due to their liquidity and tight spreads. Crosses and exotics including INR pairs like USD/INR, EUR/INR add diversity but require understanding of liquidity and spreads. We have outlined the top 20 forex pairs often chosen by Indians and explained how to analyse them.

Choosing the “best” pair depends on your trading style and risk management. Always use sound tools – technical indicators like RSI, MACD, moving averages and an economic calendar to stay informed. Importantly, trade only with authorized, well-regulated brokers using robust forex trading platforms.

Orderglo is here to help Indian traders at every step. We offer advanced platforms (MT5 and our proprietary OG Platform), multiple account types (Standard, Premium, Ultra, VIP, and the OG Challenge funded account), and educational resources tailored for currency trading for beginners. To apply these insights, consider opening a demo or funded account with Orderglo and see how the top currency pairs move in real time. Request a quote or start a free demo today to begin your currency trading journey with Orderglo’s expert tools and support.