Module 8 Currency, Commodity, and Government Securities

Chapter 6

EUR, GBP, and JPY

115

6.1 – The other currency pairs

We focused on the USD INR pair extensively over the last few chapters, and we now look into the other currency pairs that are traded in the Indian markets, namely the EUR INR, GBP INR, and JPY INR. The functioning of the other currency pairs is very similar to the USD INR. Think about it this way – you know how the Nifty 50 contracts work, then you pretty much know or are capable of knowing how Bank Nifty works.

Given this, the agenda for this chapter is to quickly run through the contract specifications of the other three crosses available for us to trade. In the 2nd part of this chapter we’ll dwell on some of the common trading techniques, mainly employing technical analysis, and with this we will conclude our discussion on currencies and start looking into commodities.

So let’s get started.

M8-Cartoon1

EUR INR

Globally the EUR USD is one of the most actively traded currencies, however we do not have that contract yet in India, but RBI has given the exchanges a nod to list these crosses as well. So I guess it is a matter of time before we have the EUR USD pair along with GBP USD, JPY USD etc. But for now, we do have EUR INR to trade.

The EUR as we know is the currency of the European Union. Unlike other currencies, the EURO is backed by the economy of many European countries and not just one economy.

The EUR INR contract structure is quite similar to the USD INR contract. Here are the key details that you need to know –

Particular EUR INR Remarks
Lot Size € 1,000 In equity derivatives, lot is number of shares, but here it’s an Euro amount
Underlying The rate of Indian Rupee against 1 EUR
Tick Size 0.25 Paise or in Rupee terms INR 0.0025
Trading Hours Monday to Friday between 9:00 AM to 5:00 PM
Expiry Cycle Upto 12 month contracts Note, equity derivatives have an expiry  upto 3 months
Last trading day Contracts trades till 12:30 PM, 2 days prior to the last working day Equity derivatives continue to trade till 3:30 PM of the expiry day
Final Settlement day Last working day of the month
Margin SPAN + Exposure Usually SAPN is about 1.5%, and exposure is around 1%, hence roughly about 2.5% is the overall margin requirement
Settlement Price RBI Reference rate on the day of Final settlement Closing price of spot

So as you see, the contract specifications are similar to that of the USD INR pair. The only difference is that the lot size in EUR INR is € 1,000 as opposed to $1,000 in USD INR.

Let’s see how this would impact the margins; here is the snapshot of the EUR INR futures –

Image 1_eur inr

As you can see, the last traded price of the contract is 74.8950, with this we can estimate the contract value –

Contract Value = Lot size * Contract price

= 1000 * 74.8950

=74,895.0

Assuming the margin is approximately 2.5%, the margin should be in the vicinity if Rs.1,870/-, in fact one can use the margin calculator on Zerodha to get the exact value of the margin required.

Image 2_margin

So the margins are slightly higher than the USD INR pair, but still way lower compared to what is required for any equity derivative contract.

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GBP INR

The GBP INR contract is probably the 2nd most popular currency contract after the USD INR pair. On the contract specification side of things, everything remains the same except for the lot size and the underlying. The underlying is the exchange rate of 1 GBP in Indian Rupees. The lot size is £1,000, which makes the contract value approximately Rs.89,345/- considering the futures is trading at 89.3450 as of 5th August 2016.

As you see below, the margin required for this slightly higher compared to the other two contracts  we’ve already discussed–

Image 3_gbp inr

By the way, did you know in the international markets that the GBP USD pair is also called the ‘Cable’?. So, when you hear a currency trader say he is short cable, he means he is short GBP USD cross.

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JPY INR

The JPY INR contracts are a bit tricky compared to the other currency contracts. The lot size is not the usual 1000 units, but 100000 and the underlying here is the exchange rate for 100 Japanese Yen in Indian Rupees.

So when we look at this –

Image 4_JPYINR

We are essentially looking at the rate of 100 Japanese Yen, stated in Indian Rupees. In other words it costs Rs.66.2750 to buy 100 Japanese Yen. Since the lot size is 100,000 the contract value is –

= (100000 *66.2750) / 100

= Rs.66,275/-

The P&L for one pip(tick) movement of the currency will be 0.0025*1000= Rs 2.5 which is the same for all INR pairs

The margin required for the JPY INR contract is Rs.2,808/-, which translates to about 4.2%.

Image 5_jpyinr

Clearly, the margins required for JPY INR contract is the highest in the currency segment, and I guess this is because this contract could be the most volatile (owing to lower liquidity). Of course, this is just a casual observation, I’d encourage you to calculate the actual value on Excel to get a perspective on volatility of JPY INR.

Spread contracts are available on all the currency pairs across all the expiries. Here is the snapshot of the same form NSE’s website –

Image 6_spreads

But as you can see, the spread contracts (apart from USD INR) are not really liquid.

Finally if you were to select contracts to trade based on liquidity, here is what I’d suggest you look at, in order of preference–

  1. USD INR Futures
  2. USD INR ATM Options
  3. GBP INR Futures
  4. EUR INR Futures
  5. JPY INR Futures

With this I’m assuming that you are clear with the logistics involved in currency trading. We now focus on developing some basic trading approach.

6.2 – The test for seasonality

There is often a lot of debate on the seasonality involved in currencies. By seasonality I mean things like “USD INR always goes down in December” or something like “USD INR always goes up a week before expiry”. In fact many people base their trades based on this expectation without actually validating for seasonality. Given this, we thought we should check for the seasonality in currencies, and needless to say we picked the USD INR spot data to run the required test.

** Warning**

The following discussion can get a bit technical, and this is not meant for regular Varsity readers. If you want a direct answer for whether any sort of seasonality exists in the USD INR pair, then the straight forward answer is – no, there is seasonality of any sort across any time frame. With this conclusion you can jump directly to the next section. However, if you have a statistical approach to things then you may just want to read through. Of course, I’ll try my best to keep it brief.

Also, this section is contributed by our good friend Prakash, any queries regarding this should be directed to prakash.lekkala at gmail dot com.

Seasonality in any time series can be checked by employing a statistical test called “Holt Winters test”. A typical Holt-Winters method has 3 components –

  • Level
  • Trend
  • Seasonality

Level: this indicator measures the average change in USD INR on a YOY basis

Trend: This indicator measures the average change in USD INR on a month on month basis

Seasonality: This indicator measures if there is any seasonal impact on price change. For example – USD INR almost always rises in January, and almost always falls in April etc

There are two possibilities for components (level, trend, and seasonality)

  • Additive
  • Multiplicative

I guess the details of this are beyond the scope of this discussion.

Holt-Winters test for seasonality:

In Holt-Winters test, we check for seasonality in a time series by building a forecast model (let us call it Model 1) and study its residuals. Model 1 does not have any seasonality component inbuilt. We then build another forecast model with a seasonality component (Model 2) and check for the errors of this model.

We compare the errors of both the models and compare to check if model 2 is gives us a better forecast when compared to Model 1. We do this by employing ‘Chi Square’ test to determine if accuracies are better. If Model 2 is statistically better than Model 1 then we conclude that there is some seasonal pattern in data. However, if the accuracies are same for both models or if Model 1 has better accuracy, there is no seasonality in data.

Seasonality results for USD INR

Check for weekly seasonality:

Model 1 (without seasonality component): The best model is (M, N, N) with coefficients 0.9999

This model indicates that weekly data has only level component and no trend component. The coefficient of “level” is 0.9999 i.e. next week’s price is about 0.9999 times this week’s price.

For readers who are aware of Random Walk Theory will be able to appreciate these parameters. The model is suggesting that on a weekly basis USD INR price movement is a random walk.

Model 2 (with seasonality component):  The best model is (M, N, M) with coefficients 0.7 and 0.0786

This model indicates that weekly data has level and seasonality component. The interpretation is that next week’s price is 0.7 times of this week’s price and the remaining price is contributed by seasonality.

Conclusion: Chi square test concluded that there is 100% chance that model 2 accuracy is same as model 1 accuracy i.e. forcing a seasonality model on USD INR isn’t increasing its accuracy.

This can only happen when there is no seasonality in the data. As the data is prepared for weekly analysis, we can conclude that there is no seasonality on weekly a basis.

Monthly seasonality:

Model 1: The best model is (A, N, N) with coefficients 0.9999

Like in the case of a weekly model, model on monthly data also suggests a random walk.

Model 2: The best model is (A, N, A) with coefficients 0.9999 and 0.0001

This model indicates that next month closing price is almost same as this month’s closing price with a small impact of seasonality.

Conclusion: Chi square test concluded that there is a 20% chance that model 2 accuracy is better than model 1 accuracy. In statistical terms, such improvement in accuracy might happen due to randomness, like the window period you choose, the sample data etc.

Typically in statistics, the norm is to look for at least 95% chance that model 2’s accuracy is better than model 1’s to conclude there is seasonality in data. So in case of USD-INR, we can conclude that there is neither monthly nor weekly seasonality.

The last 8 years USD INR spot data for this is taken from RBI’s website.

So the next time you hear someone make a random statement like “the USD INR pair almost always goes down before Christmas”, then you know he is just trying to sound smart with no real insights. ☺

6.3 – Classic TA

Think about conducting a fundamental analysis on a company, for example – Hindustan Unliver Limited. Typically, you would study its business, financial statements, corporate governance, study its peers, and perhaps build a financial model to identify if the stock is worth investing in. Fundamental analysis is kind of a straight forward affair when it comes to equities. However when you look at currency pairs, USD INR for example, there a lot more fundamental dimensions – the macro economics of the USA which is dependent on multiple domestic and international factors and the macro economics of India which is again dependent on multiple domestic and international factors. Once you understand these, you need weigh each one of these against another and build a relative view.

Frankly speaking, this is no easy task and not many are capable of doing this. You need to be an economist with a trader’s mindset to pull off quality fundamental analysis on currency pairs. Perhaps, this is the reason why Technical Analysis (TA) is so much more popular when it comes to trading currencies and commodities. As you probably aware, Technical Analysis assumes that the price that you see on the screen discounts everything including all the complex fundamental views that are panning out at the moment. With this assumption you go ahead and analyze the charts and develop a view point.

TA on currencies and commodities works just like it does on equities. If you are not conversant on how to use Technical Analysis, I’d strongly suggest you read through this module on TA.

I’ll post few snapshots of TA based trade setups –

Image 7_TA1

The two encircled candles form a classic candlestick pattern called ‘Piercing pattern’. The piercing pattern suggests the trader to go long on the USD INR pair. As you can see, the trade panned out well without triggering the stop loss.

Here is a bearish Marubozu on GBP INR –

Image 8_TA2

The bearish Marubozu suggests you to short the underlying with an expectation that the asset will continue to slide down.

Naturally, the trade setups can be endless. I know many people are under the belief that currency and commodities requires one to know a different set of technical analysis, but this is not true. TA works exactly the same way on any time series data, be it – stocks, commodities, currencies, or bonds.

And with this, I would like to end our discussion on Currencies and would like to start our discussion on the 2nd part of this module i.e commodity trading.


Key takeaways from the chapter

  1. The underlying for EUR INR is the spot rate of 1 Euro in Indian Rupees.
  2. The lot size for EUR INR is €
  3. The underlying for GBP INR is the spot rate of 1 GBP in Indian Rupees. GBP INR is the 2nd most traded contract in the currency segment.
  4. The lot size for GBP INR is £
  5. Internationally GBP USD is also referred to as the ‘Cable’.
  6. JPY INR has the highest margin requirement in the currency segment, perhaps due to the higher volatility.
  7. Lot size in JPY INR is 100000.
  8. The underlying in JPY INR is the rate of 100 Japanese Yen in Indian Rupees.
  9. As opposed to popular belief, there is no seasonality in the USD INR pair – either on the weekly basis or on a monthly basis.
  10. TA can be applied to currencies just like the way it can be applied to stocks.

115 comments

  1. Darshan says:

    Hello Karthik – Thanks for the lucid language used. I am a bit confused. My query is – As per your screen shot of margin in GBP INR section, you have inputted the quantity as 1. Is it actually 1 or it means (1 * £1,000) 1,000 units ? Also, as per the 1st NSE screen shot used, Buy Qty in Order book tab is showing as 5. Is it actually 5 or it means (5 * € 1,000) 5,000 units at 74.89. Thanks

  2. ShreyaDR says:

    USDINR are Nifty are inversely related , what about other currency pairs?

    • Karthik Rangappa says:

      I would guess they are, have not checked for this. If you happen to check this, please do share the results with all of us 🙂

  3. Ram B says:

    What about cross currency pair trading , how can we do that with zerodha ? After the recent RBI guideline is it legal yet to trade with cross currency pair, from india ? I want to trade in a 27×7 market to remove the gap Up/Down risk, is there any legal way to do that from india ?

    • Karthik Rangappa says:

      RBI has given the exchanges a nod for cross currency pairs, I’m guessing we will have it going sometime later this year. Please remember to trade these pairs only on recognized exchanges like NSE and not on other platforms.

      • RAM B says:

        Thanks for the reply ..
        In this point I have two question

        1>After launching the pair can we able to trade it 24×7 or it will have some time like 9 am to 7 pm IST , because my main moto is to remove the gap Up/Down risk at the time of market opening ?
        2>Till now is it legal to trade these pair from india via any international forex broker (like alpari) because they give 24×7 market access ?

  4. sanjay kumar singh says:

    Hi Sir, I recently opened my account in zerodha. I sell 1 lot of usdinr @67.60 and covered this position @67.49. what would be profit ? ze brokerage charged rs.75.06. How?

    • Karthik Rangappa says:

      Your profit will be 67.6 – 67.49 = 0.11

      0.11 * 1000 = 110.

      Brokerage will be 20+20 for buy and sell, the rest would be applicable charges. Btw, you should check the brokerage calculator – https://zerodha.com/brokerage-calculator

      • sanjay kumar singh says:

        Thanks for reply sir, I checked the brokerage calculator it shows rs. 17.9026 (13.509 brokerage+appliable charges) but I have been charged rs. 75.06 (49.22 brokerage + applicable charges) on 1 lot. I did two more trade of 1 lot and on every trade i have been charged rs. 75.06 as total brokerage. Please tell why brokerage charged is different from brokerage shown in the calculator?

  5. Bhanu says:

    Hi Karthik Sir,
    I was trying to approach currency trading using “tradingview” charts as they are NYSE close charts which means there is no gap up/down problem while visualizing and placing support and resistance levels. My question actually is just a concern regarding to trade management. What will be a worse case scenario if I follow “tradingview” charts for stops and targets but trade on NSE. How do you see this approach??

    • Karthik Rangappa says:

      You will have to correlated it to the Indian markets and identify the corresponding S&R levels. You can track the international markets and get a sense of where the markets are moving, but from a trade management perspective you will have to deal with Indian markets.

  6. sanjay kumar singh says:

    Hi Karthik sir, I just started trading in currency future with zerodha.I have a question which i am writing here.
    On 1 sep. 10:19 am buy 2 lot gbpinr oct fut @88.89. At 10:47 am when price declined i short 1 lot gbpinr oct fut @88.8125.

    Now my positin shows only 1 lot gbpinr oct fut buy @ 88.89 and loss of rs. 77.50.

    Sir, why short selling of 1 lt gbpinr oct fut @ 88.8125 is not considered as separate order from 2 lot buy of 88.89.

    Now at 16:57 pm i sold remaining 1 lot @ 89.44 which i bought @ 88.89.

    At 16:58 pm buy 1 lot gbpinr oct fut @ 89.4575 and position is open.

    Sir, iam not able to see profit made on 1 lot gbpinr oct fut 88.89-89.44= .55×1000= 550.
    Or will i get this profit after closing my buy position of 89.4575 ?

    • Karthik Rangappa says:

      Yes, because it works on a ‘Net position’ basis. Its similar to the transaction in the vegetable market. Imagine you initially buy 2 kgs of onions…then you go back to the vendor and return 1 kg, how many kgs you have?

      At the end of the day your profit or loss will show up on a net basis which is buy average minus sell average.

  7. Krishna says:

    Hi Karthik,
    People call JAPANESE YEN the SAFE HEAVEN what is the meaning of that sir???
    Thanks&Regards

    • Karthik Rangappa says:

      When people call currencies ($ or Yen) as safe haven, then they are referring to the fact that their economies are strong enough to support their local currencies and therefore a collapse in their currency is unlikely. Hence you as an investor can invest in such currency and protect your capital.

  8. Sachin Ramesh Mahajan says:

    Sir while trading in currency if I am a short seller in a call or put so can we apply similar formula like nifty.i.e standard deviation or maxpain.please suggest……

  9. vivek5577 says:

    Hello sir,
    I usually trade in EURINR pairs only.
    Total 7 trades in last 30 days and i m struggling.
    I have a one question.
    I always buy 15Lots of EURINR in intraday only.
    I started with 10 Paisa profit a day strategy i.e 40 Ticks per trade strategy.
    But then i changed it to 2 trades of 5Paisa i.e 20 Ticks a per trade. 2 Trades per day strategy.
    But unfortunately EURINR moves in 100-200 points per candle i.e 4-8 Ticks per candle in direction.
    So it was difficult for me to make even 3 Paisa profit per trade also even if i m trading with 15 lots.
    My question is…
    As per my last 7 trades…
    3 trades triggered at 3 paisa profit i.e 12 Ticks. 1 Trade i squared off because i saw market was going down
    and remaining 3 trades triggered 5 Paisa stop loss i.e 20 Ticks.
    4 In profits and 3 in loss.
    But the loss is higher than profit. My account is negative right now.
    Question is…
    Can i trade between 2-3 paisa i.e for 8-12 Ticks per trade?
    Is it ok to trade like this? because there is no movement actually in EURINR currency.
    so i m asking is it really ok to trade like this? Any policy in trading currencies?
    I traded in international forex market also where i used to trade for pips. 5-10 pips per trade strategy.
    2-3 trade was enough to make 15-30 pips in a day.
    is it ok to trade between 8-12 or 20 Ticks per trade?
    Thank you

    • Karthik Rangappa says:

      Frankly, it is not the number of of trades. It is about profitability. You need to start identifying trades which can give you larger profits – say at least 5-10% (return on margin invested) per trade, and you need to do this consistently. For this you may even consider holding on to trades for longer period.

      • vivek5577 says:

        That’s really true! Profitability. Even I started with 5-10% return on Invested margin strategy. Currencies moves in range.. so its even difficult to make 5% return on invested margin. So mostly i ended up with 3% return profit. Even from that 3% return.. brokerage taxes cuts. So thats why i place 2-3 trades a day to recover taxes brokerage.

    • gautham pai says:

      do u trade for more eurinr lots now? r u able to buy-sell in market price within minutes ?

  10. vivek5577 says:

    I have one more question…
    Assume EURINR price is 75.000 and i bought 10 lots @75.0000 so my buy value is 75*1000*10 = 7,50,000/- and sold @75.1000. So My Sell value will be 75.1000*1000*10=751000/-. I receive messages from zerodha that your total traded value is 7,50,000+7,51,000=15,01,000/-.
    Will this total traded value will affect me in future when filling tax? Is it my turnover? Or is just a value?
    in last 7 trades, My total traded value is around 63,07,020 i.e 63 Lac.
    Will it affect in future while filling tax?
    what is this value actually? because most of the currency traders like me are confused with this value.
    I thought in this currency module, all this information will be covered. Some points are still missing.
    I Hope you cover all the information related to currency segment.
    so it will be easy for new traders to understand and calculate all the things very easily.
    Thank you

  11. SaikiranGarapati says:

    Hi Sir,

    This is SaikiranGarapati.I am learning basic things in Currency trading.

    I would like to know why GBP is falling like that and what is your view on GBP for next week.
    Please let me know your views on this. This is not for trading purpose just for knowledge.

  12. srinivvas says:

    sir kindly give full proof trading stratagy for usd inr

  13. Kaushik says:

    Hi, karthik

    Can you tell me when we will be able to trade EurUSD with zerodha

  14. sangram gantayat says:

    Can you provide some inputs on if the movements in EURINR, GBPINR AND JPYINR is basically linked to the movement of EURUSD, GBPUSD and JPYUSD respectively… in mean is its all related to how those currencies are moving vis a vis USD or the dollar index………. or if there is specific INR related movements ?

    • Karthik Rangappa says:

      Its a mix of both. Remember, USD INR pair has two currencies and both these currencies have their own set of fundamentals acting on it. The final price movement in a function of all these fundamental factors. With respect to USD INR, the Indian macros play an important role. In general, if the economy does well then the local currency (INR in this case) strengthens and if the economy weakens then the currency weakens.

  15. Rajiv says:

    Hi Sir, I would like to back test technical analysis patterns on USD-INR (currency trading). how and where should i do this? for stocks i have 2 years data of the spot prices in candle patterns. Similarly forr USD-INR where should I look for last 2 years data to test the TA patterns. Please advice. Thank you.

  16. Naman says:

    While trading currency, can I square off my normal position beyond 4:30 PM (eg. 4:55) or do I have to wait till next day ?

  17. gautham pai says:

    if i buy 100 lots “eur-inr” at market price and sell it within minutes for 6 -7 ticks in my favour at market price again , does it get immediately sold , does it have enough liquidity to buy and sell 100 lots within minutes? it has volatility but is it advantageous compared to usd-inr futures which has liquidity but very less volatility to make profits ?
    thanks karthik

    • Karthik Rangappa says:

      I don’t think its liquid enough to absorb 100 lots, maybe it’s a good idea to place limit orders.

      • gautham pai says:

        thanks for the answer karthik ,its a followup question wt do u think about buy-sell at market price for the below futures basically for scalping
        100-150 lots usd inr futures
        200 lots nifty futures
        120 lots bank nifty
        basically to understand which is the best futures to scalp in market price with enough volatility and liquidity

  18. karthikjayasimha says:

    Dear Sir,

    For Technical Analysis instead of regular candle stick patterns can we use Heiken Ashi.

  19. Rajesh says:

    I have seen this in currencies in zerodha margin calculator 679GS2027 697GS2026 759GS2029… what are these?
    You explained F& O of currencies in this module. There is a separate link to currency… What is the difference between these two?
    Kindly reply me, sir
    Thank you

    • Karthik Rangappa says:

      I guess these are Government bonds which are tradable on the exchanges. No difference as such, I’v explained all that you need to know about currencies here. Thanks.

  20. Ananth S H says:

    Dear Karthik
    In the introductory section on Currencies and commodities, you mentioned there will be a chapter on ‘Interest rate futures’, but I could not find it anywhere …. can you pls let us know when a module on this will be available

  21. Indrajeet says:

    Can you give me calculation of jpyinr pip size number of pips and profit calculation via an example. Thanks in advance

  22. Soumya Kanti Bhattacharya says:

    Dear Karthik Sir
    When you are actually staring the Cross Currency??

  23. Murugan says:

    What is the margin required for EURUSD PAIR for normal order

  24. DATTAPRASAD says:

    I FORGOT TO SQUARE OFF EURINR APR FUT ON EXPIRY DATE,WHAT WILL HAPPEN NEXT?

  25. Adil khan says:

    Hello sir if i leave eurinr future position open overnight is there any interest paid or charged?

  26. Rahul Poddar says:

    Where can I find margin requirements for JPYINR call/put options ? Is it good for hedging currency risk ?

  27. Mahesh Gaddamedi says:

    When does Zerodha will be live with cross currency?

    Why does cross currency margin are so high infact 200% of contact value…may be answer will be margin requirement are calculated as per RBI reference rate after converting Cross with INR….but do you think such high margin are logical even for pure intraday traders….

    At least for MIS or BO/CO cross currency margin should be only 3-5% because on any given day currency like EUR/USD,GBP/USD,CHF/USD & USD/JPY very low probablity of moving 3-5% up or down. IF I am not wrong even on the day of Brexit GBP/USD moved something around 6-8%….if 3-5% margin as a broker you feel it’s still risky as risk management then try 7-10% ( I know NSE span itself is high but as one among top 3 brokers in India Zerodha should explain NSE about the same and make cross currency successful with huge volumes)

    Hope something good will happen in cross currency in terms of margin requirement.

    Mahesh Gaddamedi.

    • Karthik Rangappa says:

      We have not yet gone live with Cross Currency, Mahesh. Will know the actual margin requirements when we go live on this.

  28. Hari says:

    Is cross currency trading enabled in zerodha?? I see the charts but no response..Margin calculators show that margin requirements are same as of GBP..please let me know

  29. p.s.perumal says:

    how many lot can be traded in cross currency in a day
    how many lot can be buy at a single order

  30. P.s.perumal says:

    Please explain me about the account freezing limit at the cross currency

  31. Mohanraj says:

    Sir pls send me genune brokers

  32. ravi says:

    hi kartik
    now can we do treding in cross currency like usd / eur ?? is it legal ??

  33. Geetanjali says:

    Whether it is legal now to trade with international brokers like Olymp Trade to get 24×7 access?

  34. jayesh says:

    Hi,

    is it possible to trade in cross currency like euro/usd, usd/gbp on zerodha platform on 24*7.

  35. VP says:

    Hi when are we gonna launch cross currency quotes
    I thought we (zerodha) will be the first to launch it

  36. Chirag I Sharma says:

    If I want to trade on March 1 in USDINR then should I do my TA on March Future chart? Or Tradingview?

  37. Vijay says:

    In USDINR price change in .01 is 10 Rupee, please give the other currency value or link to find.

  38. Bala says:

    Hi sir, I don’t know whom I can ask this question since a long time, now asking to you. I’ve learned how to trade EUR/USD GBP/USD and I’m ready to trade with a foreign broker and I also have international wallets for transaction of money. But some are saying trading this pairs in India is illegal and some are saying it’s legal. What do you think sir? Can I continue to trade these pairs with the broker I have?

  39. Bala says:

    And 1 more thing sir, that foreign broker is one of the most trusted brokerage firms in EU. So no fraud issues.

    • Karthik Rangappa says:

      Thats alright, but the issue is with the regulations set forth by RBI. By the way, why would you not want to trade USD/INR?

  40. Bala says:

    Because of leverage sir, my strategy is a small scalp which gives 1-3% returns daily and consistently. But for that high leverage is required. I’ll get 500x leverage for EURUSD where in USDINR I’ll not get that much leverage sir

    • Karthik Rangappa says:

      Such excess leverage is really bad for your trading Bala. At 500x leverage, a small move of 0.02% against your position will wipe your position out. I’d suggest you avoid it.

  41. Bala says:

    Thank you sir, now got a clarity, one more doubt sir, If I got American or European citizenship, then can I trade these pairs? Because they can trade these pairs without any problem.

  42. Bala says:

    Yes sir.. Happened for me 1 time. Tq sir. I’ll look into risk and money management hereafter.

  43. Chetan says:

    Why no liquidity in GBPINR options.

  44. Raj says:

    Karthik sir ,
    If possible can you please share Holt Winter Model excel sheet

  45. VS says:

    Hello SIr,
    Earlier Spot Currency Pairs Of EURINR, USDINR & Others Were Available But Now Its Not Available Here On Pi.
    So tell me how can we trade without spot price in Futures?
    And Why Its Not Available (Spot Prices Of Currency Pairs) ?
    Why CDS Segment Is So Limited?
    Thank You

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