For those who have or are willing to build up exposure in offshore MF-
Lot size of 1 USDINR contract is $1000 or Rs 83.50 k.
Say, If you have open positions of 100 lots , the notional INR Value is Rs 83.50 lakh. So, You should have justifiable holding of 83.50 lakh +/-10% of offshore MF to compensate for 100 lots. That is the real meaning of hedge.
Now, if you have Rs 83.50 Lakh holding in a single overseas asset class and you are following this post, then your positions will be much higher than 100. 