As of December 2009, total forex contracts outstanding in the banks’ balance sheet amounted to INR 36,142 billion (USD 774.25 billion), of which over 86% were forwards and rest options (Table 1).
Table 1 Outstanding derivatives of banks: notional principal account S. No  Item  March 2007  March 2008  March 2009  December 2009  INR USD INR USD INR USD INR USD billions billions billions billions billions billions billions billions 1  Foreign exchange contracts  29,254  671.12  55,057 1,377.46 50,684  994.78 36,142  774.25  2  Forward forex contracts  24,653  565.57  47,360 1,184.89 44,669  876.72 31,190  668.17  3  Currency options purchased  4,601  105.55  7,697  192.57  6,015  118.06  4,952  106.08  2,290  52.53  2,743  68.63  3,511  68.91  3,447  73.84  41,958  962.56  85,430 2,137.35 44,803  879.35 46,434  994.73  single currency interest rate swaps  41,597  954.28  85,159 2,130.57 44,377  870.99 46,073  987.00  Total -contracts/ derivatives  73,502 1,686.21 143,230 3,583.44 98,998 1,943.04 86,023 1,842.82  4 Futures 5  Interest rate related contracts  6 Of which :  7  Source: RBI  With regards to interest rate derivatives, the inter-bank rupee swap market turnover, as reported on the CCIL platform, has witnessed a decline in terms of notional sum in 2009 over 2008 before some recovery in 2010, mostly on account of early termination of the contracts through multilateral netting (Table 2).