CryptoTimes India USDT Premium Index · daily fix 11:30–12:30 IST · CTPI-USDT-SPOT-INR
USDT — the dollar-pegged stablecoin — usually costs more in India than the USD/INR reference rate. This index measures that gap every trading day from live India-facing exchange order books, alongside its sister USDC index.
+4.41%India USDT Premiumvs the USD/INR reference rate · 27 Aug
Right now: +4.55% · ₹99.76 per USDT INDICATIVE
vs ECB-derived USD/INR of 2026-08-26 · never part of the daily fix series
Up 148 bps over the week · 30-day range 2.70–4.71% (this index) · day 36 of the daily fix series
Where USDT trades right now
Latest sampled quote per exchange. Compared against the daily fix of ₹99.63. Data health: 4 of 6 collected venues currently pass every eligibility filter.
| Exchange | Rate (mid) | Best bid / best ask | Spread | 24h volume | vs index |
|---|---|---|---|---|---|
| koinbx lowest ask | ₹99.65 | 99.65 / 99.65 | 0.00% | ₹7.01 Cr | +0.02% |
| wazirx NOT IN INDEX | ₹99.72 | 99.31 / 100.12 | 0.81% | ₹2.91 Cr | +0.09% |
| coindcx | ₹99.81 | 99.80 / 99.82 | 0.02% | ₹7.50 Cr | +0.18% |
| zebpay NOT IN INDEX | ₹99.82 | 99.79 / 99.84 | 0.06% | ₹43.61 L | +0.19% |
| giottus | ₹99.95 | 99.30 / 100.59 | 1.29% | ₹2.17 Cr | +0.32% |
| suncrypto NOT IN INDEX | Not in index - crossed book | ||||
Per-exchange rates are the latest sampled quotes and may lag the live market. Deviation is shown for comparison only, not as a trading recommendation. Deviation is computed from unrounded mid-quotes and can differ by ±0.01 pp from a recomputation using the displayed figures.
What the premium means for a purchase
If I spend on USDT:
Spending ₹1,00,000 buys about 1003.71 USDT. At the USD/INR reference rate that same USDT is worth ₹95,776 — a difference of ₹4,224 (+4.41%). This is the market price difference relative to USD/INR, not a fee charged by CryptoTimes or by any exchange.
How the index is calculated
Full methodology · changelog · corrections log — every eligibility threshold, rule change and restatement is public.
Frequently asked questions
Should I buy USDT or USDC?
This page can't answer that for you - it can only price the choice. The decision panel above shows today's spread - the excess premium USDT carries over USDC - and what it costs per \xe2\x82\xb91,00,000. What you get for that premium is a different issuer and reserve structure. Both numbers update every trading day.
Why is USDT more expensive in India?
India is structurally a net buyer of crypto, while taxes (30% on gains, 1% TDS) and banking frictions limit how much USDT flows in. When local demand outruns supply, buyers pay more rupees per token than the USD/INR reference rate implies.
Is this the black-market or parallel dollar rate?
No. This index measures the exchange-traded price of a crypto asset (USDT) on Indian platforms. It is not a foreign-exchange rate, not a benchmark, and must not be read as an unofficial USD/INR rate.
Which exchanges are included?
India-facing exchanges with a real, executable USDT/INR order book accessible via a documented public API. Each observation must pass liquidity, spread, staleness and integrity filters; the constituent table shows exactly who counted today and who was excluded, and why.
What happens on weekends and holidays?
Crypto trades every day but the rupee's onshore FX market doesn't - so weekend numbers are estimates against the last business day's dollar rate, clearly labelled with their age, and only Mumbai-business-day fixes enter the daily fix series.
Can I actually trade at these prices?
The index uses order-book mid-prices sampled 11:30-12:30 IST. Real trades pay the spread, fees and slippage, so your executed price will differ - the per-exchange table shows live buy/sell quotes for comparison only.
Doesn't 1 USDT always equal exactly 1 US dollar?
No. USDT is a privately issued token that aims to track the dollar; its global price drifts slightly around $1. The peg-adjusted premium strips that drift out, isolating the India-specific gap.
Is the index live?
There are two layers. The daily fix is calculated once per trading day from the 11:30-12:30 IST window - that stillness is what makes it comparable and citable. The live tracker beside it updates every few minutes, is always labelled indicative, and never changes the daily fix series.
Source: CryptoTimes India USDT Premium Index (CTPI-USDT-SPOT-INR), 2026-08-27 daily fix. https://www.cryptotimes.io/data/india-usdt-premium-index/
The CryptoTimes India USDT Premium Index is published for informational and journalistic purposes. It is not investment advice, not a trading recommendation, not an official FX benchmark, and not intended for contract settlement. USDT is not identical to USD. USD/INR derived from ECB euro reference rates. Source: ECB statistics.
Crypto / virtual digital asset products are unregulated and can be highly risky; there may be no regulatory recourse for losses.