| Variables | Chi-square Statistics | Df | Prob. |
| USD/INR Spot USD/INR Futures | 76.36413* | 2 | 0.0000 |
| EURO/INR Spot EURO/INR Futures | 10.17732* | 2 | 0.0062 |
| GBP/INR Spot GBP/INR Futures | 16.22894* | 2 | 0.0003 |
| JPY/INR Spot JPY/INR Futures | 4.404702 | 2 | 0.1105 |