 rft  rd t

C  [S e N (d1 )  Xe  N (d 2 )]
1 2
ln( S / X )  (r   ) T
d1  2
 T
S 54.5875 ln(S/X) -0.01630779514
X 55.485 Rd-Rf 6.53%
India Rd 6.844% (Vol^2)/2 0.012214845
US Rf 0.312% Vol*sqrt(T) 0.07815
Start Date 6-Nov-12
End Date 6-Feb-13 d1 0.039359131275
T 0.25 d2 -0.03879086872
Vol 0.1563 N(d1) 0.515697968419
N(d2) 0.484528562529

Price 3.115585
t
 N (d 2 )] FX DATE Rs/$
0.1040136696

11/06/2012 54.62 -0.00022888009

11/05/2012 54.6075 -0.01468961201
2
)T d  d  T 11/02/2012
11/01/2012
10/31/2012
53.8112
53.705
53.8138
-0.00197551689
0.002023832802
0.002827984813
2 1 10/30/2012 53.9662 0.00196781402
10/29/2012 54.0725 -0.00924319733
10/25/2012 53.575 0.002982016933
10/23/2012 53.735 -0.00482786318
10/22/2012 53.4762 0.006779990227
exp(-Rd*t) 0.983 10/19/2012 53.84 -0.00792507994
exp(-Rf*t) 0.9992 10/18/2012 53.415 -0.01009099412
10/17/2012 52.8787 0.000119133502
10/16/2012 52.885 0.002455147598
10/15/2012 53.015 -0.00368498551
10/12/2012 52.82 -0.00255912182
10/11/2012 52.685 0.007069947496
10/10/2012 53.0588 -0.00609670956
55.485 10/09/2012 52.7363 -0.00173275568
10/08/2012 52.645 -0.01511990527
or 3.11% 10/05/2012 51.855 -0.00212355292
10/04/2012 51.745 0.0080839628
6
57.211 10/03/2012 52.165 0.004399395007
10/01/2012 52.395 0.008835742249
09/28/2012 52.86 0.003141107711
09/27/2012 53.0263 0.009314109351
09/26/2012 53.5225 -0.00275965469
09/25/2012 53.375 0.00187178342
09/24/2012 53.475 -0.00018702076
09/21/2012 53.465 0.017061146337
09/20/2012 54.385 -0.00719693086
09/18/2012 53.995 0.000231476124
09/17/2012 54.0075 0.0055173165
09/14/2012 54.3063 0.020210072918
09/13/2012 55.415 -0.00336575887
09/12/2012 55.2288 0.002101764483
09/11/2012 55.345 0.001805217568
09/10/2012 55.445 -0.00090220143
09/07/2012 55.395 0.004571177174
09/06/2012 55.6488 0.004727454612
09/05/2012 55.9125 -0.00450465343
09/04/2012 55.6612 -0.00226986271
09/03/2012 55.535 -0.00013505909
08/31/2012 55.5275 0.00191073922
08/30/2012 55.6337 -0.00015639226
08/29/2012 55.625 0.000898472657
08/28/2012 55.675 0.000247836372
08/27/2012 55.6888 -0.00348612291
08/24/2012 55.495 -0.00433409256
08/23/2012 55.255 0.004265615581
08/22/2012 55.4912 0.001509010228
08/21/2012 55.575 0.003054260369
08/17/2012 55.745 0.000538020099
08/16/2012 55.775 -0.00206398422
08/14/2012 55.66 -0.00569711767
08/13/2012 55.3438 -0.00106301443
08/10/2012 55.285 0.000180864533
08/09/2012 55.295 0.0021678267
08/08/2012 55.415 -0.00626881855
08/07/2012 55.0687 0.008206847327
08/06/2012 55.5225 0.004178748414
08/03/2012 55.755 0.00143382048
08/02/2012 55.835 -0.00649007568
08/01/2012 55.4738 0.003261083726
07/31/2012 55.655 -0.00125854026
07/30/2012 55.585 -0.00439391546
07/27/2012 55.3413 0.003133789278
07/26/2012 55.515 0.011551505211
07/25/2012 56.16 -0.00071250448
07/24/2012 56.12 -0.00261031767
07/23/2012 55.9737 -0.01161186512
07/20/2012 55.3275 -0.00348534923
07/19/2012 55.135 0.006508203393
07/18/2012 55.495 -0.00682565651
07/17/2012 55.1175 0.003779305626
07/16/2012 55.3262 -0.00328049596
07/13/2012 55.145 0.014045427618
07/12/2012 55.925 -0.00519900777
07/11/2012 55.635 -0.00432316264
07/10/2012 55.395 0.009700965326
07/09/2012 55.935 -0.00861842124
07/06/2012 55.455 -0.00905721254
07/05/2012 54.955 -0.00840571418
07/04/2012 54.495 -0.002250443
07/03/2012 54.3725 0.019217349144
07/02/2012 55.4275 0.003781573858
06/29/2012 55.6375 0.020810924922
06/28/2012 56.8075 0.005748529335
06/27/2012 57.135 -0.00175177412
06/26/2012 57.035 -0.00035072337
06/25/2012 57.015 0.002452484368
06/22/2012 57.155 -0.01493913428
06/21/2012 56.3075 -0.00282243156
06/20/2012 56.1488 -0.00318947673
06/19/2012 55.97 -0.00089373498
06/18/2012 55.92 -0.00760574606
06/15/2012 55.4963 0.005726298603
06/14/2012 55.815 -0.00231029006
06/13/2012 55.6862 0.002331789431
06/12/2012 55.8162 -0.00154554825
06/11/2012 55.73 -0.00494672052
06/08/2012 55.455 -0.00923919616
06/07/2012 54.945 0.007614940251
06/06/2012 55.365 0.005044601275
06/05/2012 55.645 0.000359356755
06/04/2012 55.665 -0.0014382025
06/01/2012 55.585 0.009400669077
05/31/2012 56.11 0.002180831805
05/30/2012 56.2325 -0.009942115
05/29/2012 55.6762 -0.0088380325
05/28/2012 55.1863 0.003413494292
05/25/2012 55.375 0.00504369258
05/24/2012 55.655 0.006269051519
05/23/2012 56.005 -0.01095163549
05/22/2012 55.395 -0.0065199905
05/21/2012 55.035 -0.01114573935
05/18/2012 54.425 0.001101827308
05/17/2012 54.485 0.000183519912
05/16/2012 54.495 -0.0129284283
05/15/2012 53.795 0.003016173605
05/14/2012 53.9575 -0.0059948596
05/11/2012 53.635 -0.00392303884
05/10/2012 53.425 0.007505687785
05/09/2012 53.8275 -0.01273788252
05/08/2012 53.1462 -0.00435975392
05/07/2012 52.915 0.010527402423
05/04/2012 53.475 -0.00112264957
05/03/2012 53.415 -0.0086491091
05/02/2012 52.955 -0.00413847331
04/30/2012 52.7363 -0.00368165706
04/27/2012 52.5425 0.000237874356
04/26/2012 52.555 -0.00019029496
04/25/2012 52.545 0.002898070774
04/24/2012 52.6975 -0.00327876936
04/23/2012 52.525 -0.00841224729
04/20/2012 52.085 0.001151300137
04/19/2012 52.145 -0.00702432525
04/18/2012 51.78 -0.00571347121
04/17/2012 51.485 0.003731980583
04/16/2012 51.6775 -0.00728299976
04/13/2012 51.3025 0.005563172324
04/12/2012 51.5887 -0.00317822072
04/11/2012 51.425 0.000971817375
04/10/2012 51.475 -0.006431517
04/09/2012 51.145 -0.00078239613
04/04/2012 51.105 -0.00766061495
04/03/2012 50.715 0.003248194204
04/02/2012 50.88 -7.272277E-05
03/30/2012 50.8763 0.010143695203
03/29/2012 51.395 -0.01193985607
03/28/2012 50.785 -0.00137931056
03/27/2012 50.715 0.010884060968
03/26/2012 51.27 -0.00102451527
03/22/2012 51.2175 -0.01098213159
03/21/2012 50.6581 -0.00520717513
03/20/2012 50.395 -0.00319191283
03/19/2012 50.2344 -0.00086033845
03/16/2012 50.1912 0.003879600203
03/15/2012 50.3863 -0.00959811459
03/14/2012 49.905 0.000626995062
03/13/2012 49.9363 0.000936755093
03/12/2012 49.9831 -0.00256615601
03/09/2012 49.855 0.008625813529
03/07/2012 50.2869 0.001776220575
03/06/2012 50.3763 -0.0104261042
03/05/2012 49.8538 -0.00712205261
03/02/2012 49.5 -0.00567262461
03/01/2012 49.22 -0.00399415049
02/29/2012 49.0238 0.001107012312
02/28/2012 49.0781 0.003191845913
02/27/2012 49.235 -0.00590753399
02/24/2012 48.945 0.005172014244
02/23/2012 49.1988 0.000674585623
02/22/2012 49.232 0.001520212108
02/21/2012 49.3069 -0.00064717765
02/17/2012 49.275 0.000277992813
02/15/2012 49.2887 0.001609620769
02/14/2012 49.3681 -0.0034860492
02/13/2012 49.1963 0.004334415439
02/10/2012 49.41 0.001920841717
02/09/2012 49.505 -0.00719682798
02/08/2012 49.15 0.001297225381
02/07/2012 49.2138 -0.00323195436
02/06/2012 49.055 -0.0073657622
02/03/2012 48.695 0.009503929285
02/02/2012 49.16 0.002312214924
02/01/2012 49.2738 0.00367066557
01/31/2012 49.455 0.006951818839
01/30/2012 49.8 -0.00976235655
01/27/2012 49.3162 0.015918070009
01/25/2012 50.1075 -0.00077463513
01/24/2012 50.0687 0.00027558332
01/23/2012 50.0825 0.005029014508
01/20/2012 50.335 -0.00193890041
01/19/2012 50.2375 0.00352699007
01/18/2012 50.415 0.005909313064
01/17/2012 50.7138 0.013342828555
01/16/2012 51.395 0.002599983199
01/13/2012 51.5288 0.001064856447
01/12/2012 51.5837 0.006016715307
01/11/2012 51.895 -0.00366795778
01/10/2012 51.705 0.015544354438
01/09/2012 52.515 0.003943466329
01/06/2012 52.7225 0.004966545223
01/05/2012 52.985 -0.00014155951
01/04/2012 52.9775 0.004660915667
01/03/2012 53.225 0.001548823439
01/02/2012 53.3075 -0.004559457
12/30/2011 53.065 -0.00016396331
12/29/2011 53.0563 0
12/28/2011 53.0563 -0.00049582275
12/27/2011 53.03 -0.00602793733
12/26/2011 52.7113 0.004684398947
12/23/2011 52.9588 -0.00437711168
12/22/2011 52.7275 -0.00460972659
12/21/2011 52.485 0.00768687059
12/20/2011 52.89 -9.4540298E-05
12/19/2011 52.885 -0.00265076365
12/16/2011 52.745 0.016919286955
12/15/2011 53.645 0.00130402403
12/14/2011 53.715 -0.00916408134
12/13/2011 53.225 -0.00735436089
12/12/2011 52.835 -0.01511315743
12/09/2011 52.0425 -0.00544304227
12/08/2011 51.76 -0.00082143466
12/07/2011 51.7175 -0.00584291763
12/05/2011 51.4162 -0.00409267944
12/02/2011 51.2062 0.005089922037
12/01/2011 51.4675 0.01434649076
11/30/2011 52.2112 -0.00369376194
11/29/2011 52.0187 -0.00103285428
11/28/2011 51.965 0.005565165006
11/25/2011 52.255 -0.00347555721
11/24/2011 52.0737 0.005769355401
11/23/2011 52.375 -0.00100288936
11/22/2011 52.3225 -0.00339818931
11/21/2011 52.145 -0.01565551882
11/18/2011 51.335 -0.00841163019
11/17/2011 50.905 -0.00327221753
11/16/2011 50.7387 -0.0012818947
11/15/2011 50.6737 -0.00760078815
11/14/2011 50.29 -0.00348588571
11/11/2011 50.115 0.001196530206
11/09/2011 50.175 -0.01394834716
11/08/2011 49.48 -0.00748143283
11/04/2011 49.1112 0.000559797022
11/03/2011 49.1387 0.000992614461
11/02/2011 49.1875 0.001574363597
11/01/2011 49.265 -0.01163753436
10/31/2011 48.695 0.001461094521
10/28/2011 48.7662