December 2025
Intermediate to advanced
561 pages
27h 17m
English
book
International Financial Management: An Analytical Framework, 2nd Edition by Pearson
by Thummuluri Siddaiah
Content preview from International Financial Management: An Analytical Framework, 2nd Edition by Pearson
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232 INTERNATIONAL FINANCIAL MANAGEMENT
For example, assume an Indian firm exports goods to the United States and receives USD
5 million every month in the following year. In order to protect against currency risk, the
firm buys a one-year average-rate put option at a strike rate of USD/INR 61.1234. The firm
receives USD 5 million every month and sells the U.S. dollars in the spot market. At expira-
tion, the strike price of INR 61.1234 is compared with the average rate over the year, based
on the rate fixed on a particular day in a month. If the average of the 12 monthly exchange
rates on the prescribed days is higher than the strike price, the writer of the option will,
atexpiration,compensatethefirmwithcashpaymentequaltothedi
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