INR continues to slide against USD and recorded lower by 13 paise at 63.65 on sustainable demand of dollar from banks and importers due to its increasing force in the overseas market.
Crude prices rose on bargain-hunting in Asia today after sliding last week, but an excess supply and a resurgent dollar are likely to cap gains.
US crude benchmark West Texas Intermediate for July delivery climbed 14 cents to USD 59.86 a barrel and Brent crude for July added eight cents to USD 65.45 in late-morning trade.
Option Insights: Reverse Iron Condors
To execute this strategy, the options trader buys a lower strike OTM put, sells an even lower strike out-of-the-money put, buys a higher strike OTM call and sells another even higher strike out-of-the-money call.
Reverse Iron Condor = Buy 1 OTM Put + Sell 1 OTM Put (Lower Strike) + Buy 1 OTM Call + Sell 1 OTM Call (Higher Strike)
The reverse (short) iron condor is a limited risk, limited profit trading strategy that is designed to earn a profit when the underlying currency price makes a sharp move in either direction.
