{"id":13751,"date":"2021-11-14T14:09:45","date_gmt":"2021-11-14T14:09:45","guid":{"rendered":"https:\/\/www.5paisa.com\/finschool\/?post_type=markets&#038;p=13751"},"modified":"2025-10-30T13:21:00","modified_gmt":"2025-10-30T07:51:00","slug":"understanding-futures-calendar","status":"publish","type":"markets","link":"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/understanding-futures-calendar\/","title":{"rendered":"Understanding Futures Calendar"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"13751\" class=\"elementor elementor-13751\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-23ba90b elementor-section-full_width tab_container elementor-section-height-default elementor-section-height-default\" data-id=\"23ba90b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b6a6f9f\" data-id=\"b6a6f9f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e0f864e elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"e0f864e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7efb245 chapters_list\" data-id=\"7efb245\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-33d4575 elementor-widget elementor-widget-shortcode\" data-id=\"33d4575\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\">\t<script>\n\t\tjQuery(document).ready(function(){\n\t\t\tjQuery(\"#post_chapters a[href*='\" + location.pathname + \"']\").addClass(\"current\");\n\t\t})\n\t<\/script>\n\t<div class=\"desktop_chapters\"><div id=\"post_chapters\"><div class=\"post_chapters-heading\">Chapters<\/div><ul><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/currency-commodity-and-government-securities\/\">Currency Market Basics <\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/reference-rates-and-impacts-of-events\/\">Reference Rates<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/impact-of-events-and-interest-rate-parity\/\">Events and Interest Rates Parity<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/usd-inr-pair\/\">USD\/INR Pair<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/understanding-futures-calendar\/\">Futures Calendar<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/eur-gbp-and-jpy\/\">EUR, GBP and JPY<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/an-overview-of-commodities-market\/\">Commodities Market <\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/gold-part-1\/\">Gold Part-1<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/gold-part-2\/\">Gold -Part 2<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/silver\/\">Silver<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/crude-oil\/\">Crude Oil<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/crude-oil-part-2\/\">Crude Oil -Part 2<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/crude-oil-part-3\/\">Crude Oil-Part 3<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/copper-and-aluminium\/\">Copper and Aluminium<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/lead-and-nickel\/\">Lead and Nickel<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/cardamom-and-mentha-oil\/\">Cardamom and Mentha Oil<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/natural-gas\/\">Natural Gas<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/commodity-options\/\">Commodity Options<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/cross-currency-pairs\/\">Cross Currency Pairs<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/government-securities\/\">Government Securities<\/a><\/li><li><i class=\"fa fa-chevron-right\"><\/i>&nbsp;&nbsp;&nbsp;<a href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/electricity-derivatives\/\">Electricity Derivatives<\/a><\/li><\/ul><\/div><\/div><div class=\"chapters_toggle\" title=\"chapters\"><a title=\"chapters\" href=\"#\" id=\"open_chapters\"><span>View Chapters<\/span>&nbsp;&nbsp;&nbsp;<i class=\"fa fa-chevron-right\"><\/i><\/a><a title=\"chapters\" href=\"#\" id=\"close_chapters\" style=\"display:none;\"><span>Hide Chapters<\/span>&nbsp;&nbsp;&nbsp;<i class=\"fa fa-chevron-right\"><\/i><\/a><\/div>\t<script>\n\t\tjQuery(document).ready(function(){\n\t\t\tjQuery('.chapters_toggle #open_chapters').click(function(e){\n\t\t\t\te.preventDefault();\n\t\t\t\tjQuery('.desktop_chapters').css(\"left\",\"0px\");\n\t\t\t\tjQuery('#open_chapters').css(\"display\",\"none\");\n\t\t\t\tjQuery('#close_chapters').css(\"display\",\"block\");\n\t\t\t\t\/\/jQuery('.chapters_toggle').css(\"width\",\"200px\");\n\t\t\t})\n\t\t\tjQuery('.chapters_toggle #close_chapters').click(function(e){\n\t\t\t\te.preventDefault();\n\t\t\t\tjQuery('.desktop_chapters').css(\"left\",\"-480px\");\n\t\t\t\tjQuery('#open_chapters').css(\"display\",\"block\");\n\t\t\t\tjQuery('#close_chapters').css(\"display\",\"none\");\n\t\t\t\t\/\/jQuery('.chapters_toggle').css(\"width\",\"100%\");\n\t\t\t})\n\t\t});\n\t<\/script>\n\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-93f371b tabs_contents\" data-id=\"93f371b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-90f6d06 market_content_tabs elementor-widget elementor-widget-eael-adv-tabs\" data-id=\"90f6d06\" data-element_type=\"widget\" data-widget_type=\"eael-adv-tabs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t        <div data-scroll-on-click=\"no\" data-scroll-speed=\"300\" id=\"eael-advance-tabs-90f6d06\" class=\"eael-advance-tabs eael-tabs-horizontal eael-tab-auto-active \" data-tabid=\"90f6d06\">\n            <div class=\"eael-tabs-nav\">\n                <ul class=\"eael-tab-inline-icon\" role=\"tablist\">\n                                            <li id=\"study\" class=\"active-default eael-tab-item-trigger eael-tab-nav-item\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"study-tab\" aria-expanded=\"false\">\n                            \n                                                                <i class=\"far fa-edit\"><\/i>                                                            \n                                                            <span class=\"eael-tab-title title-after-icon\" >Study<\/span>                            \n                                                    <\/li>\n                                            <li id=\"slides\" class=\" eael-tab-item-trigger eael-tab-nav-item\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"slides-tab\" aria-expanded=\"false\">\n                            \n                                                                <i class=\"fas fa-book-open\"><\/i>                                                            \n                                                            <span class=\"eael-tab-title title-after-icon\" >Slides<\/span>                            \n                                                    <\/li>\n                                            <li id=\"videos\" class=\" eael-tab-item-trigger eael-tab-nav-item\" aria-selected=\"false\" data-tab=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"videos-tab\" aria-expanded=\"false\">\n                            \n                                                                <i class=\"far fa-eye\"><\/i>                                                            \n                                                            <span class=\"eael-tab-title title-after-icon\" >Videos<\/span>                            \n                                                    <\/li>\n                                    <\/ul>\n            <\/div>\n            \n            <div class=\"eael-tabs-content\">\n\t\t        \n                    <div id=\"study-tab\" class=\"clearfix eael-tab-content-item active-default\" data-title-link=\"study-tab\">\n\t\t\t\t        <p><div class='white' style='background:rgb(255, 255, 255); border:solid 0px rgb(255, 255, 255); border-radius:0px; padding:3px 0px 0px 1px;'>\n<div id='text_slider' class='owl-carousel sa_owl_theme owl-pagination-true' data-slider-id='text_slider' style='visibility: visible;visibility:visible;'>\n<div id='text_slider_slide01' class='sa_hover_container' data-hash='Understanding-Futures-Calendar-Spreads-in-USD-INR' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; '><h2 style=\"text-align: left\"><strong>5.1 <\/strong><strong><b>Understanding Futures Calendar Spreads in USD-INR<\/b><\/strong><\/h2>\r\n<p><a href=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/11\/Pitch-meeting-bro.svg\"><img decoding=\"async\" class=\"style-svg aligncenter\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/11\/Pitch-meeting-bro.svg\" \/><\/a><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><strong><b>Varun:<\/b><\/strong> I was reading about arbitrage in futures contracts. You know, the whole idea that futures should trade at a premium to spot because of the cost of carry. But I got stuck when it came to currency futures, especially USD-INR. How do traders capture spreads there?<\/p>\r\n<p><strong><b>Isha:<\/b><\/strong>\u00a0Ah, great question. In theory, yes\u00a0, futures should trade above spot due to interest rates. If they don\u2019t, there\u2019s an arbitrage opportunity. But in USD-INR, retail traders can\u2019t access the spot market directly, so traditional spot-futures arbitrage isn\u2019t practical.<\/p>\r\n<p><strong><b>Varun:<\/b><\/strong>\u00a0So then how do you trade mispricing in currencies?<\/p>\r\n<p><strong><b>Isha:<\/b><\/strong>\u00a0You look at the spread between two futures contracts with different expiry dates. That\u2019s called a calendar spread.<\/p>\r\n<p><strong><b>Varun:<\/b><\/strong>\u00a0Like October\u00a0vs November\u00a0contracts<\/p>\r\n<p><strong><b>Isha<\/b><\/strong><strong><b>:<\/b><\/strong>\u00a0Exactly. Normally, the longer-dated contract\u00a0say November, should trade at a premium to October. That\u2019s the \u201cnormal\u201d spread, reflecting time value and interest rate differentials. But if the spread widens or narrows\u00a0beyond what\u2019s typical, it signals a potential trading opportunity. You can capture that by entering a calendar spread, like buying October and selling November, if you expect the spread to compress.<\/p>\r\n<p><strong><b>Varun<\/b><\/strong>: Got it. So what\u2019s the setup?<\/p>\r\n<p><strong><b>Isha<\/b><\/strong>: Let\u2019s say:<\/p>\r\n<ul>\r\n<li><b><\/b><strong><b>October Futures<\/b><\/strong>= \u20b988.4000<\/li>\r\n<li><b><\/b><strong><b>November Futures<\/b><\/strong>= \u20b988.7290<\/li>\r\n<li><b><\/b><strong><b>Spread<\/b><\/strong>= \u20b90.3290<\/li>\r\n<\/ul>\r\n<p>Now, if you believe the fair spread should be around \u20b90.2000, then the current spread looks too wide. You can capture this mispricing by:<\/p>\r\n<ul>\r\n<li>Buying October Futures at \u20b988.4000<\/li>\r\n<li>Selling November Futures at \u20b988.7290<\/li>\r\n<\/ul>\r\n<p>This is called a Futures Bull Spread\u2014because you&#8217;re long the near-month and short the far-month contract.<\/p>\r\n<p>You make money if:<\/p>\r\n<ul>\r\n<li>October Futures rise and November Futures fall<\/li>\r\n<li>October Futures rise and November stay flat<\/li>\r\n<li>Both rise, but October rises faster than November<\/li>\r\n<li>November falls more than October<\/li>\r\n<li>October stays flat and November falls<\/li>\r\n<\/ul>\r\n<p>In each case, the spread between the two contracts narrows toward your target of \u20b90.2000, and that\u2019s where your profit comes from. You&#8217;re essentially betting that the near-month contract (October) will outperform the far-month contract (November) in relative terms.<\/p>\r\n<p><em><strong><b>Varun:<\/b><\/strong>\u00a0What if I think the spread is too narrow and will widen?<\/em><\/p>\r\n<p><em><strong><b>Isha:<\/b><\/strong>\u00a0Then you flip the trade, sell October\u00a0and buy November. That\u2019s a Futures Bear Spread.<\/em><\/p>\r\n<p><em><strong><b>Varun:<\/b><\/strong>\u00a0Interesting. But how do I know what\u2019s \u201cnormal\u201d?<\/em><\/p>\r\n<p><em><strong><b>Isha:<\/b><\/strong>\u00a0That\u2019s where back-testing\u00a0comes in. You study historical spreads, volatility, and seasonality. It\u2019s a bit of work, but it helps you spot patterns and build conviction.<\/em><\/p>\r\n<p><em><strong><b>Varun:<\/b><\/strong>\u00a0Makes sense. And I can place these trades directly from my terminal?<\/em><\/p>\r\n<p><em><strong><b>Isha:<\/b><\/strong>\u00a0Yup. Most platforms let you execute calendar spreads with a few clicks. It\u2019s a clean way to trade relative value without needing spot access.<\/em><\/p>\r\n<p>In theory, a futures contract should always trade at a premium to its spot price. This premium reflects the cost of carry, essentially the interest rate component embedded in the futures pricing formula. When this relationship breaks down, it opens the door to arbitrage opportunities.<\/p>\r\n<p><strong><b>Spot vs Futures Arbitrage <\/b><\/strong><\/p>\r\n<p>Let\u2019s say:<\/p>\r\n<ul>\r\n<li><b><\/b><strong><b>Spot Price<\/b><\/strong>= \u20b9100<\/li>\r\n<li><b><\/b><strong><b>Fair Value of Futures<\/b><\/strong>= \u20b9105<\/li>\r\n<li><b><\/b><strong><b>Actual Futures Price<\/b><\/strong>= \u20b998<\/li>\r\n<\/ul>\r\n<p>Here, the futures are trading below their fair value. The spread between fair value and actual futures price is:<\/p>\r\n<p><strong><b>\u00a0<\/b><\/strong>This mispricing allows a trader to buy the futures at \u20b998 and sell the spot at \u20b9100, capturing the spread when both prices converge at expiry.<\/p>\r\n<p><strong><b>Why This Doesn\u2019t Work in USD-INR<\/b><\/strong><\/p>\r\n<p>Unlike equities, retail traders don\u2019t have direct access to the USD-INR spot market. So traditional spot-futures arbitrage isn\u2019t feasible. But there\u2019s a workaround: Calendar Spreads.<\/p>\r\n<h3><strong><b>What Is a Calendar Spread?<\/b><\/strong><\/h3>\r\n<p>A calendar spread involves trading two futures contracts with different expiry dates. Instead of comparing spot and futures, you compare near-month vs far-month futures.<\/p>\r\n<p>Typically, the longer-dated contract trades at a premium to the shorter one. This difference is considered normal. But when the spread deviates significantly, either widening or narrowing, it may signal a trading opportunity.<\/p>\r\n<h3><strong><b>What About a Bear Spread?<\/b><\/strong><\/h3>\r\n<p>If the spread is too narrow and you expect it to widen, you\u2019d do the opposite:<\/p>\r\n<ul>\r\n<li>Sell October Futures<\/li>\r\n<li>Buy NovemberFutures<\/li>\r\n<\/ul>\r\n<p>This is called a Futures Bear Spread.<\/p>\r\n<h3><strong><b>Will the Spread Converge?<\/b><\/strong><\/h3>\r\n<p>That depends on market dynamics, interest rate expectations, and macro flows. To trade spreads effectively, you need to study historical behavior, this is where backtesting comes in.<\/p><\/div>\n<div id='text_slider_slide02' class='sa_hover_container' data-hash='Executing-the-Spread' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; '><h3 style=\"text-align: left\"><strong>5.2 <\/strong><strong><b>Executing the Spread<\/b><\/strong><\/h3>\r\n<p><a href=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/11\/Money-motivation-pana.svg\"><img decoding=\"async\" class=\"style-svg aligncenter\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/11\/Money-motivation-pana.svg\" \/><\/a><\/p>\r\n<p><strong><b>Varun:<\/b><\/strong>\u00a0Isha, I noticed the price difference between the October and November USD-INR contracts is widening. Is there a way to trade that directly?<\/p>\r\n<p><strong><b>Isha:<\/b><\/strong>\u00a0Absolutely. That\u2019s called a calendar spread, and you can capture it using a spread instrument instead of placing two separate orders.<\/p>\r\n<p><strong><b>Varun:<\/b><\/strong>\u00a0That sounds efficient. I\u2019ve always worried about execution risk when managing both legs manually.<\/p>\r\n<p><strong><b>Isha:<\/b><\/strong>\u00a0Exactly why spread instruments exist. Let me walk you through how to set one up and trade it cleanly.<\/p>\r\n<p>Let\u2019s say you\u2019ve identified a trading opportunity in the USD-INR futures market. The spread between the October and November contracts looks overpriced, and you want to capture it.<\/p>\r\n<p>Instead of manually placing two separate orders, buying one contract and selling the other, you can trade the spread directly using a spread instrument. This reduces execution risk, where price movements between the two legs could erode your expected profit.<\/p>\r\n<h5><strong><b>Step-by-Step Setup<\/b><\/strong><\/h5>\r\n<p><b><\/b><strong><b>1. Select the Spread Instrument:<\/b><\/strong><\/p>\r\n<ul>\r\n<li>Choose \u201cSpread\u201d from the drop-down to indicate you\u2019re trading a spread.<\/li>\r\n<li>Select the currency derivatives segment.<\/li>\r\n<li>Choose futures contracts (FUTCUR).<\/li>\r\n<li>Pick USD-INR as the currency pair.<\/li>\r\n<li>From the available spreads, select the October\u2013November spread.<\/li>\r\n<\/ul>\r\n<p><b><\/b><strong><b>2. View the Spread Price:<\/b><\/strong><\/p>\r\n<ul>\r\n<li>Suppose the October contract is trading at \u20b987.21 and the November contract at \u20b987.60.<\/li>\r\n<li>The spread = 87.60 \u2013 87.21 = \u20b90.39<\/li>\r\n<\/ul>\r\n<h3><strong><b>Understanding Bid-Ask Spread Dynamics<\/b><\/strong><\/h3>\r\n<p>Let\u2019s break down the two possible spread setups:<\/p>\r\n<p><strong><b>Bull Spread (Buy October, Sell November):<\/b><\/strong><\/p>\r\n<ul>\r\n<li>Buy October at Ask = \u20b987.23<\/li>\r\n<li>Sell November at Bid = \u20b987.58<\/li>\r\n<li>Spread = \u20b987.58 \u2013 \u20b987.23 = \u20b90.35<\/li>\r\n<\/ul>\r\n<p><strong><b>Bear Spread (Buy November, Sell October):<\/b><\/strong><\/p>\r\n<ul>\r\n<li>Buy November at Ask = \u20b987.62<\/li>\r\n<li>Sell October at Bid = \u20b987.20<\/li>\r\n<li>Spread = \u20b987.62 \u2013 \u20b987.20 = \u20b90.42<\/li>\r\n<\/ul>\r\n<p>The spread instrument may reflect an average of these two values. In this case, the midpoint is \u20b90.385, and the actual market spread might show \u20b90.39, which is close. Minor discrepancies can arise due to quote delays or low liquidity.<\/p>\r\n<h4><strong><b>Placing the Order<\/b><\/strong><\/h4>\r\n<p>Once the spread instrument is loaded:<\/p>\r\n<ul>\r\n<li>Select it from your market watch.<\/li>\r\n<li>Use the buy or sell shortcut keys to open the order window.<\/li>\r\n<li>The form will be pre-filled with spread details.<\/li>\r\n<li>Adjust the quantity to match your lot size and submit the order.<\/li>\r\n<\/ul>\r\n<p>This method simplifies execution and helps you focus on capturing the spread rather than juggling two contracts.<\/p><\/div>\n<div id='text_slider_slide03' class='sa_hover_container' data-hash='USD-INR-Statistical-Overview-2016\u20132024' style='padding:4.9% 5%; margin:0px 0%; background-color:rgb(255, 255, 255); min-height:400px; '><h2 style=\"text-align: left\"><strong>5.3 <\/strong><strong><b>USD-INR Statistical Overview: 2016\u20132024<\/b><\/strong><\/h2>\r\n<p><a href=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/11\/Partnership-amico.svg\"><img decoding=\"async\" class=\"style-svg aligncenter\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/11\/Partnership-amico.svg\" \/><\/a><\/p>\r\n<p><strong><b>Varun:<\/b><\/strong>\u00a0I\u2019ve been trading USD-INR for a while now, but I\u2019ve never really looked at its long-term behavior. Is there any value in studying the stats?<\/p>\r\n<p><strong><b>Isha:<\/b><\/strong>\u00a0Absolutely. Understanding how USD-INR has moved over the years\u2014its trends, volatility, and correlation with equities\u2014can sharpen your strategy.<\/p>\r\n<p><strong><b>Varun:<\/b><\/strong>\u00a0I usually focus on charts and setups, but I guess the macro view adds depth.<\/p>\r\n<p><strong><b>Isha:<\/b><\/strong>\u00a0It does. Let\u2019s walk through the statistical overview from 2016 to 2024. You\u2019ll see how the Rupee has evolved and what it means for traders like us.<\/p>\r\n<ol>\r\n<li><strong><b> Long-Term Trend Analysis<\/b><\/strong><\/li>\r\n<\/ol>\r\n<ul>\r\n<li>Over the past eight years, the Indian Rupee has continued to depreciate against the US Dollar. From July 2016 to October 2025, the USD-INR spot rate has moved from approximately \u20b967 to nearly \u20b988. This depreciation reflects a combination of global monetary tightening, persistent current account deficits, and intermittent capital outflows.<\/li>\r\n<li>For instance, during 2022\u20132023, the Federal Reserve\u2019s aggressive rate hikes triggered a flight to safety, strengthening the Dollar globally. Simultaneously, India faced elevated import bills due to high crude prices, further pressuring the Rupee. In 2024, despite RBI\u2019s active intervention, the Rupee touched record lows amid geopolitical tensions and FII outflows.<\/li>\r\n<\/ul>\r\n<ol start=\"2\">\r\n<li>\r\n<h3><strong><b> Daily Return Characteristics<\/b><\/strong><\/h3>\r\n<\/li>\r\n<\/ol>\r\n<p>Recent data from September\u2013October 2025 shows the following daily return behavior for USD-INR:<\/p>\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>\r\n<p><strong><b>Date<\/b><\/strong><\/p>\r\n<\/td>\r\n<td width=\"387\">\r\n<p><strong><b>Daily Return (%)<\/b><\/strong><\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>15 Oct 2025<\/p>\r\n<\/td>\r\n<td width=\"387\">\r\n<p>-1.09%<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>14 Oct 2025<\/p>\r\n<\/td>\r\n<td width=\"387\">\r\n<p>+0.13%<\/p>\r\n<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\r\n<p>13 Oct 2025<\/p>\r\n<\/td>\r\n<td width=\"387\">\r\n<p>+0.21%<\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<ul>\r\n<li>The average daily return remains modest, around 0.02%\u20130.03%, with occasional spikes due to macroeconomic events. Compared to equity indices like Nifty 50, the USD-INR pair exhibits lower volatility, making it a relatively stable asset for hedging and conservative trading.<\/li>\r\n<\/ul>\r\n<ol start=\"3\">\r\n<li>\r\n<h3><strong><b> Volatility Comparison: USD-INR vs Nifty 50<\/b><\/strong><\/h3>\r\n<\/li>\r\n<\/ol>\r\n<ul>\r\n<li>As of October 2025, the 1-month historical volatility for Nifty 50 stands at 7.99%, while USD-INR\u2019s 1-month volatility is significantly lower, around 3.2% based on RBI spot data.<\/li>\r\n<li>This disparity highlights the relative calmness of currency markets compared to equities. For example, during the recent Q3 earnings season, Nifty 50 saw intraday swings exceeding 2%, whereas USD-INR moved within a 0.5% band despite global Dollar weakness.<\/li>\r\n<\/ul>\r\n<ol start=\"4\">\r\n<li>\r\n<h3><strong><b> Correlation with Nifty 50<\/b><\/strong><\/h3>\r\n<\/li>\r\n<\/ol>\r\n<ul>\r\n<li>The inter-market relationship between USD-INR and Nifty 50 continues to show a weak inverse correlation. When equity markets rally, foreign inflows strengthen the Rupee, leading to a decline in USD-INR. Conversely, during equity sell-offs, USD demand rises, weakening the Rupee.<\/li>\r\n<li>Recent analysis confirms this with a correlation coefficient of approximately -0.14 for 2025 YTD.<\/li>\r\n<li>For instance, in September 2025, as Nifty 50 rebounded post-policy announcements, USD-INR declined from \u20b988.9 to \u20b987.3, reflecting capital inflows and improved sentiment.<\/li>\r\n<\/ul>\r\n<ol start=\"5\">\r\n<li>\r\n<h3><strong><b> Practical Implications for Traders<\/b><\/strong><\/h3>\r\n<ul>\r\n<li><b><\/b><strong><b>Volatility-Based Strategy:<\/b><\/strong>Currency traders may prefer USD-INR options for hedging due to lower implied volatility compared to Nifty options.<\/li>\r\n<li><b><\/b><strong><b>Calendar Spreads:<\/b><\/strong>Traders can deploy calendar spreads in USD-INR futures by buying near-month and selling far-month contracts to benefit from time decay and roll yield.<\/li>\r\n<li><b><\/b><strong><b>Macro Hedging:<\/b><\/strong>Portfolio managers tracking Nifty 50 can use USD-INR as a macro hedge during periods of expected FII outflows or geopolitical uncertainty.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ol><\/div>\n<div id='text_slider_slide04' class='sa_hover_container' data-hash='Key-Takeaways' style='padding:4.9% 5%; margin:0px 0%; min-height:400px; '><h2 style=\"text-align: left\"><strong>5.4 Key Takeaways<\/strong><\/h2>\r\n<p><a href=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/11\/Business-challenge-amico.svg\"><img decoding=\"async\" class=\"style-svg aligncenter\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/11\/Business-challenge-amico.svg\" \/><\/a><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<ol>\r\n<li>Traditional spot-futures arbitrage is impractical for retail traders in USD-INR due to lack of spot market access.<\/li>\r\n<li>Calendar spreads offer a practical way to trade mispricing between near-month and far-month USD-INR futures.<\/li>\r\n<li>A bull spread involves buying the near-month contract and selling the far-month, profiting if the spread narrows.<\/li>\r\n<li>A bear spread involves selling the near-month and buying the far-month, profiting if the spread widens.<\/li>\r\n<li>Spread instruments simplify execution by allowing traders to place both legs of the spread in a single order.<\/li>\r\n<li>Execution risk is reduced when using spread instruments, as price slippage between legs is minimized.<\/li>\r\n<li>Traders must analyze bid-ask dynamics to understand the actual spread and potential profitability.<\/li>\r\n<li>Historical spread behavior, seasonality, and volatility are key inputs for backtesting and strategy development.<\/li>\r\n<li>The USD-INR pair shows relatively low volatility compared to equity indices, making it suitable for conservative strategies.<\/li>\r\n<li>USD-INR futures and options can be used for macro hedging, volatility-based trades, and calendar spread setups.<\/li>\r\n<\/ol><\/div>\n<div id='text_slider_slide05' class='sa_hover_container' data-hash='Fun-Activity' style='padding:4.9% 5%; margin:0px 0%; min-height:400px; '><h2 style=\"text-align: left\"><strong>5.5 <\/strong><strong><b>Fun Activity<\/b><\/strong><\/h2>\r\n<h3 style=\"text-align: left\"><strong><a href=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/11\/Business-Plan-pana.svg\"><img decoding=\"async\" class=\"style-svg aligncenter\" src=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2021\/11\/Business-Plan-pana.svg\" \/><\/a><\/strong><\/h3>\r\n<p>You are a currency trader analyzing the USD-INR futures market. Your goal is to identify whether a bull spread or bear spread is appropriate based on the current market data and expected fair spread.<\/p>\r\n<p><strong><b>Scenario:<\/b><\/strong><\/p>\r\n<p>You observe the following prices on your trading terminal:<\/p>\r\n<ul>\r\n<li>October USD-INR Futures: \u20b988.4000<\/li>\r\n<li>November USD-INR Futures: \u20b988.7290<\/li>\r\n<li>Historical average spread between near and far month: \u20b90.2000<\/li>\r\n<\/ul>\r\n<p><strong><b>Questions:<\/b><\/strong><\/p>\r\n<ol>\r\n<li>What is the current spread between October and November contracts?<\/li>\r\n<li>Is the current spread wider or narrower than the historical average?<\/li>\r\n<li>Based on this, would you initiate a bull spread or a bear spread?<\/li>\r\n<li>If the spread moves to \u20b90.2200, what is your profit or loss per lot?<\/li>\r\n<li>What are two possible market scenarios where your spread trade would be profitable?<\/li>\r\n<\/ol>\r\n<p><strong><b>Answer Key:<\/b><\/strong><\/p>\r\n<ul>\r\n<li>Spread = \u20b988.7290 \u2212 \u20b988.4000 = \u20b90.3290<\/li>\r\n<li>The spread is wider than the historical average of \u20b90.2000<\/li>\r\n<li>You would initiate a <strong><b>bull spread<\/b><\/strong>: Buy October, Sell November<\/li>\r\n<li>Change in spread = \u20b90.3290 \u2212 \u20b90.2200 = \u20b90.1090 Profit per lot = \u20b90.1090 \u00d7 1,000 = \u20b9109<\/li>\r\n<li>Possible profitable scenarios:<\/li>\r\n<\/ul>\r\n<ul>\r\n<li>October futures rise faster than November futures<\/li>\r\n<li>November futures fall while October remains flat or rises<\/li>\r\n<\/ul><\/div>\n<\/div>\n<\/div>\n<script type='text\/javascript'>\n\tjQuery(document).ready(function() {\n\t\tjQuery('#text_slider').owlCarousel({\n\t\t\titems : 1,\n\t\t\tsmartSpeed : 400,\n\t\t\tautoplay : false,\n\t\t\tautoplayHoverPause : false,\n\t\t\tsmartSpeed : 400,\n\t\t\tfluidSpeed : 400,\n\t\t\tautoplaySpeed : 400,\n\t\t\tnavSpeed : 400,\n\t\t\tdotsSpeed : 400,\n\t\t\tdotsEach : 1,\n\t\t\tloop : false,\n\t\t\tnav : true,\n\t\t\tnavText : ['Previous','Next'],\n\t\t\tdots : true,\n\t\t\tresponsiveRefreshRate : 200,\n\t\t\tslideBy : 1,\n\t\t\tmergeFit : true,\n\t\t\tautoHeight : true,\n\t\t\tmouseDrag : false,\n\t\t\ttouchDrag : true\n\t\t});\n\t\tjQuery('#text_slider').css('visibility', 'visible');\n\t\tvar owl_goto = jQuery('#text_slider');\n\t\tjQuery('.text_slider_goto1').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 0);\n\t\t});\n\t\tjQuery('.text_slider_goto2').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 1);\n\t\t});\n\t\tjQuery('.text_slider_goto3').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 2);\n\t\t});\n\t\tjQuery('.text_slider_goto4').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 3);\n\t\t});\n\t\tjQuery('.text_slider_goto5').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 4);\n\t\t});\n\t\tvar resize_13280 = jQuery('.owl-carousel');\n\t\tresize_13280.on('initialized.owl.carousel', function(e) {\n\t\t\tif (typeof(Event) === 'function') {\n\t\t\t\twindow.dispatchEvent(new Event('resize'));\n\t\t\t} else {\n\t\t\t\tvar evt = window.document.createEvent('UIEvents');\n\t\t\t\tevt.initUIEvent('resize', true, false, window, 0);\n\t\t\t\twindow.dispatchEvent(evt);\n\t\t\t}\n\t\t});\n\t});\n<\/script>\n<\/p>                    <\/div>\n\t\t        \n                    <div id=\"slides-tab\" class=\"clearfix eael-tab-content-item \" data-title-link=\"slides-tab\">\n\t\t\t\t        <p><div class='white' style='background:rgba(0,0,0,0); border:solid 0px rgba(0,0,0,0); border-radius:0px; padding:0px 0px 0px 0px;'>\n<div id='slider_16843' class='owl-carousel sa_owl_theme owl-pagination-true autohide-arrows' data-slider-id='slider_16843' style='visibility: visible;visibility:visible;'>\n<div id='slider_16843_slide01' class='sa_hover_container' data-hash='' style='padding:5% 5%; margin:0px 0%; '><p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-21508\" src=\"http:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide1-7.jpg\" alt=\"\" width=\"1280\" height=\"720\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide1-7.jpg 1280w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide1-7-300x169.jpg 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide1-7-1024x576.jpg 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide1-7-768x432.jpg 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide1-7-150x84.jpg 150w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p><\/div>\n<div id='slider_16843_slide02' class='sa_hover_container' data-hash='' style='padding:5% 5%; margin:0px 0%; '><p><img decoding=\"async\" class=\"alignnone size-full wp-image-21509\" src=\"http:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide2-6.jpg\" alt=\"\" width=\"1280\" height=\"720\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide2-6.jpg 1280w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide2-6-300x169.jpg 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide2-6-1024x576.jpg 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide2-6-768x432.jpg 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide2-6-150x84.jpg 150w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p><\/div>\n<div id='slider_16843_slide03' class='sa_hover_container' data-hash='' style='padding:5% 5%; margin:0px 0%; '><p><img decoding=\"async\" class=\"alignnone size-full wp-image-21510\" src=\"http:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide3-6.jpg\" alt=\"\" width=\"1280\" height=\"720\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide3-6.jpg 1280w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide3-6-300x169.jpg 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide3-6-1024x576.jpg 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide3-6-768x432.jpg 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide3-6-150x84.jpg 150w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p><\/div>\n<div id='slider_16843_slide04' class='sa_hover_container' data-hash='' style='padding:5% 5%; margin:0px 0%; '><p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-21511\" src=\"http:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide4-6.jpg\" alt=\"\" width=\"1280\" height=\"720\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide4-6.jpg 1280w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide4-6-300x169.jpg 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide4-6-1024x576.jpg 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide4-6-768x432.jpg 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide4-6-150x84.jpg 150w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p><\/div>\n<div id='slider_16843_slide05' class='sa_hover_container' data-hash='' style='padding:5% 5%; margin:0px 0%; '><p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-21512\" src=\"http:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide5-6.jpg\" alt=\"\" width=\"1280\" height=\"720\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide5-6.jpg 1280w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide5-6-300x169.jpg 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide5-6-1024x576.jpg 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide5-6-768x432.jpg 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide5-6-150x84.jpg 150w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p><\/div>\n<div id='slider_16843_slide06' class='sa_hover_container' data-hash='' style='padding:5% 5%; margin:0px 0%; '><p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-21513\" src=\"http:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide6-6.jpg\" alt=\"\" width=\"1280\" height=\"720\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide6-6.jpg 1280w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide6-6-300x169.jpg 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide6-6-1024x576.jpg 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide6-6-768x432.jpg 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/03\/Slide6-6-150x84.jpg 150w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p><\/div>\n<div id='slider_16843_slide07' class='sa_hover_container' data-hash='' style='padding:5% 5%; margin:0px 0%; '><p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-18706\" src=\"http:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/02\/Slide13.png\" alt=\"\" width=\"1280\" height=\"720\" srcset=\"https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/02\/Slide13.png 1280w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/02\/Slide13-300x169.png 300w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/02\/Slide13-1024x576.png 1024w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/02\/Slide13-768x432.png 768w, https:\/\/www.5paisa.com\/finschool\/wp-content\/uploads\/2022\/02\/Slide13-150x84.png 150w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p><\/div>\n<\/div>\n<\/div>\n<script type='text\/javascript'>\n\tjQuery(document).ready(function() {\n\t\tjQuery('#slider_16843').owlCarousel({\n\t\t\titems : 1,\n\t\t\tsmartSpeed : 200,\n\t\t\tautoplay : false,\n\t\t\tautoplayHoverPause : false,\n\t\t\tsmartSpeed : 200,\n\t\t\tfluidSpeed : 200,\n\t\t\tautoplaySpeed : 200,\n\t\t\tnavSpeed : 200,\n\t\t\tdotsSpeed : 200,\n\t\t\tloop : true,\n\t\t\tnav : true,\n\t\t\tnavText : ['Previous','Next'],\n\t\t\tdots : true,\n\t\t\tresponsiveRefreshRate : 200,\n\t\t\tslideBy : 1,\n\t\t\tmergeFit : true,\n\t\t\tautoHeight : false,\n\t\t\tmouseDrag : false,\n\t\t\ttouchDrag : true\n\t\t});\n\t\tjQuery('#slider_16843').css('visibility', 'visible');\n\t\tsa_resize_slider_16843();\n\t\twindow.addEventListener('resize', sa_resize_slider_16843);\n\t\tfunction sa_resize_slider_16843() {\n\t\t\tvar min_height = '50';\n\t\t\tvar win_width = jQuery(window).width();\n\t\t\tvar slider_width = jQuery('#slider_16843').width();\n\t\t\tif (win_width < 480) {\n\t\t\t\tvar slide_width = slider_width \/ 1;\n\t\t\t} else if (win_width < 768) {\n\t\t\t\tvar slide_width = slider_width \/ 1;\n\t\t\t} else if (win_width < 980) {\n\t\t\t\tvar slide_width = slider_width \/ 1;\n\t\t\t} else if (win_width < 1200) {\n\t\t\t\tvar slide_width = slider_width \/ 1;\n\t\t\t} else if (win_width < 1500) {\n\t\t\t\tvar slide_width = slider_width \/ 1;\n\t\t\t} else {\n\t\t\t\tvar slide_width = slider_width \/ 1;\n\t\t\t}\n\t\t\tslide_width = Math.round(slide_width);\n\t\t\tvar slide_height = '0';\n\t\t\tif (min_height == 'aspect43') {\n\t\t\t\tslide_height = (slide_width \/ 4) * 3;\t\t\t\tslide_height = Math.round(slide_height);\n\t\t\t} else if (min_height == 'aspect169') {\n\t\t\t\tslide_height = (slide_width \/ 16) * 9;\t\t\t\tslide_height = Math.round(slide_height);\n\t\t\t} else {\n\t\t\t\tslide_height = (slide_width \/ 100) * min_height;\t\t\t\tslide_height = Math.round(slide_height);\n\t\t\t}\n\t\t\tjQuery('#slider_16843 .owl-item .sa_hover_container').css('min-height', slide_height+'px');\n\t\t}\n\t\tvar owl_goto = jQuery('#slider_16843');\n\t\tjQuery('.slider_16843_goto1').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 0);\n\t\t});\n\t\tjQuery('.slider_16843_goto2').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 1);\n\t\t});\n\t\tjQuery('.slider_16843_goto3').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 2);\n\t\t});\n\t\tjQuery('.slider_16843_goto4').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 3);\n\t\t});\n\t\tjQuery('.slider_16843_goto5').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 4);\n\t\t});\n\t\tjQuery('.slider_16843_goto6').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 5);\n\t\t});\n\t\tjQuery('.slider_16843_goto7').click(function(event){\n\t\t\towl_goto.trigger('to.owl.carousel', 6);\n\t\t});\n\t\tvar resize_21507 = jQuery('.owl-carousel');\n\t\tresize_21507.on('initialized.owl.carousel', function(e) {\n\t\t\tif (typeof(Event) === 'function') {\n\t\t\t\twindow.dispatchEvent(new Event('resize'));\n\t\t\t} else {\n\t\t\t\tvar evt = window.document.createEvent('UIEvents');\n\t\t\t\tevt.initUIEvent('resize', true, false, window, 0);\n\t\t\t\twindow.dispatchEvent(evt);\n\t\t\t}\n\t\t});\n\t});\n<\/script>\n<\/p>                    <\/div>\n\t\t        \n                    <div id=\"videos-tab\" class=\"clearfix eael-tab-content-item \" data-title-link=\"videos-tab\">\n\t\t\t\t        <div class=\"yt_iframe\"><iframe title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/SF0YwWn48cQ?rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/div>                    <\/div>\n\t\t                    <\/div>\n        <\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Study Slides Videos 5.1 Hedgers &nbsp; These types of participants have a real exposure to foreign currency risk on account of their underlying business and their objective is to remove the FX risk using currency futures. The exposure could be because of imports\/ exports of goods\/services, foreign investments or foreign expenditure on account of travel, &#8230; <a title=\"Understanding Futures Calendar\" class=\"read-more\" href=\"https:\/\/www.5paisa.com\/finschool\/course\/currency-commodity-government-securities-course\/understanding-futures-calendar\/\" aria-label=\"Read more about Understanding Futures Calendar\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":13805,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"class_list":["post-13751","markets","type-markets","status-publish","format-standard","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/13751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets"}],"about":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/types\/markets"}],"author":[{"embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/comments?post=13751"}],"version-history":[{"count":16,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/13751\/revisions"}],"predecessor-version":[{"id":75458,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/13751\/revisions\/75458"}],"up":[{"embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/markets\/13805"}],"wp:attachment":[{"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/media?parent=13751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.5paisa.com\/finschool\/wp-json\/wp\/v2\/categories?post=13751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}