On Tue, May 20, 2014 at 9:49 AM, Nay Gupta < > wrote: Jeffrey After pricing lots of possibilities, are two ways i like best to play usdinr lower 1) buy vanilla European style USDINR puts Ref s.ot: 58.67 Strike % OTMS Strike lm Maturity 3m bm 0 58.67 0.75 1.07 1.19 1 58.08 0.40 0.72 0.89 2 57.50 0.20 0.48 0.67 rwd 58.98 59.57 60.61 This table has 9 offers in %notional: 1m 3m and 6m expiries for spot, spot-1%, spot-2% Of these I like 6month ATMspot USDINR European style put offered at 1.19%. The roll in the forwards offsets some of theta which is why the 3mth ATMspot put costs a similar (1.07%) amount 2) Buying vanilla European style out-of-the-money USDINR puts, funded by selling OTM calls on USDINR 6month expiry spot ref 58.67 Buy USDINR put strike 58.08 (ATMspot -1%) Sell USDINR call strike 64.18 (ATMspot +9.4%) Net upfront premia zero I see from your last msci you want 9months. I'll price those and get back to you. Nav Nav Gupta Managing Director Deutsche Bank AG. Fdiale London Deutsche Asset 8, Wealth Management 105/1 (Pinner Han EC2N lEN London. United Kingdom Tel. Mobile Email My proposed ideas are being delivered to you by the DeAWM Key Client Partners rKCV) London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and i or its athletes ("Dr). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiAD). v.ho understand the CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0101930 CONFIDENTIAL SDNY_GM_00248114 EFTA01447326