The Avg. True Range of USDINR is 1.06 with volatility coming in at 0.24. An October 62.0/62.5/63.0/63.5 Long Call Condor will allow you to bet on the Rupee staying within a range.
The market value is coming in at Rs. -155.00 but as you can see from the payoff diagram, the max profit is upwards of Rs. 500.
The Rupee will move if Rajan or Chidambaram announce something about controlling CAD or tinkering with the rates. Is Rs. 155 enough compensation for the Rajan risk?