Carry Trade Currency

Is there a way in india to do currency carry trade i.e. borrowing currency from low rate country andd after converting investing in higher interest yielding risk free securities.

One can do that, first find a low interest rate country, borrow money in that currency, and go long in high interest paying currency, the success of carry trade lies only if the long currency keeps appreciating or at-least staying at those levels, if the tide turns then one will end up in losses. So, a high interest rate central bank should keep the interest rates stable or increase but not cut them. Leverages will add to exciting returns, but one should be on top of this game as the tide can turn very quickly and erode all profits at a rapid pace.
Also this is not recommended for retailers.

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Can’t we hedge currency risk in forex market by using forward contracts or options.

One can, but forwards are not for retailers, one can use options listed on exchange.