Goldman Sachs recommends a 9-month USD/INR binary put option at 83, betting on 3% rupee appreciation driven by macroeconomic strength, foreign inflows, and lower oil prices.

• Rupee lags Asian peers despite dollar index decline; 9-month trade aligns with India’s financial year, end appreciation trend.
• India’s GDP growth rose to 7.4%, robust consumption, and $4B in foreign equity inflows boost rupee outlook.
• U.S.-India trade deal potential and $60 Brent crude forecast in 2025 could further support rupee gains.