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An Indian exporter anticipates receiving USD 2 million in three months. Instead of locking in a forward rate, the exporter buys a on the USD/INR pair with a strike of ₹82 per USD, paying a premium of ₹0.5 per USD. If the rupee appreciates to ₹78, the exporter exercises the put, receiving ₹82 per USD and limiting the cost of conversion. If the rupee weakens to ₹84, the exporter lets the option lapse and benefits from the better exchange rate, losing only the premium. futures and options rachana ranade free download exclusive