Arbitrage Assignment working (2) (1).pdf

IrajArham 431 views 63 slides Aug 26, 2022
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About This Presentation

Arbitrage assignment


Slide Content

VALUES ARE MEASURE PER UNIT LOCAL CURRENCIES
FIND
1POSSIBILITIES OF ARBITRAGE DURING ANY GIVEN MONTH
2DRAW GRAPHS TO SHOW VARIATION IN CROSS EXCHNAGE RATE OF ANY THREE COUNTRIES
3DRAW GRAPH TO SHOW ALL THESE CURRENCIES'EXCHANGE RATES AND MENTION IMPORTANT CHANGES AND HIGH / LOW VOLATILITY PATTERNS
4IN WHICH PAIRS OF COUNTRIES FUTURE/SWAB/OPTIONS ARE BETTER AS HEDGING STRETEGIES.

DRAW GRAPH TO SHOW ALL THESE CURRENCIES'EXCHANGE RATES AND MENTION IMPORTANT CHANGES AND HIGH / LOW VOLATILITY PATTERNS

1Possibilities For Arbitrage
Example
a. Sell USD to buy Japanese Currency 10,000,000.00$
USD/JPY Bid x 0.00799936
79,993.60JPY
b. Sell JPY to buy KUD 79,993.60JPY
0.002484JPY
JPY/KWD Bid x 0.002484
KWD 198.67
c. Sell KWD to buy USD KWD 198.67
KWD/USD Bid x 3.22
61.6812
12,254.18$
Arbitrage Profit 12,254.18$
- 10,000,000.00$
(9,987,745.82)$
In general, arbitrage involves simultaneously buying and selling equivalent financial instruments in different markets such that a profit is
assured. In triangular arbitrage, a base currency is exchanged for second currency, and then the second currency exchanged for a third
prior to converting back to the base currency.
In the given data I am using USD as a base currency.
Suppose I have the abiliity to make a leveraged trade with $10,000,000/-.
In the instant case, I am taking the example of three currencies, including USD, Japanese Yen (JPY) & KUWAITIAN DINAR (KWD) in
order to check the possibility of triangular arbitrage in the first month of 1993 as per given data. .
In the above example, it is evidant that there is a possibility of arbitrage in the above mentioned currencies in the first month of 1993.

In general, arbitrage involves simultaneously buying and selling equivalent financial instruments in different markets such that a profit is
assured. In triangular arbitrage, a base currency is exchanged for second currency, and then the second currency exchanged for a third
prior to converting back to the base currency.
In the given data I am using USD as a base currency.
Suppose I have the abiliity to make a leveraged trade with $10,000,000/-.
In the instant case, I am taking the example of three currencies, including USD, Japanese Yen (JPY) & KUWAITIAN DINAR (KWD) in
order to check the possibility of triangular arbitrage in the first month of 1993 as per given data. .
In the above example, it is evidant that there is a possibility of arbitrage in the above mentioned currencies in the first month of 1993.

PERIODUS/JAPAN US/KUWAITJAPAN/KUWAITUS/KENYA US/AUSTRALIAKENYA/AUSTRALIAN
1993M010.007999363.220912742 402.64630190.0276037210.673977071 24.41616736
1993M020.0082671963.258846955 394.19012760.0273548420.681236035 24.90367322
1993M030.0085418983.282595351 384.29343780.0231907180.707328632 30.50050574
1993M040.0088932373.322711731 373.62232060.0192754360.711779235 36.9267508
1993M050.0090577333.325330372 367.12611650.0160873610.697870796 43.38006741
1993M060.0093161923.322546134 356.6421020.0155878330.677474646 43.46175994
1993M070.0092824653.31693661 357.3335810.015306130.677470056 44.2613544
1993M080.0096422723.322777975 344.60530380.0152855420.678541137 44.39104326
1993M090.009498033.339839452 351.63496330.0151984230.652111537 42.90652633
1993M100.0093528753.347280559 357.88785660.0147115940.661629461 44.97333633
1993M110.0092762223.348831951 361.01248990.0144966190.672802627 46.41100167
1993M120.009115853.35311616 367.83362370.0146171260.672802627 46.02837881
1994M010.0089678063.353348015 373.93180360.0147215780.695603784 47.25062604
1994M020.0094152623.366302564 357.53677950.0148356070.716081032 48.26772838
1994M030.0095112523.361025495 353.37361590.0151402290.711672858 47.00542295
1994M040.0096593643.361436624 347.99773510.0159292990.716481217 44.97882798
1994M050.0096404133.361556175 348.6942220.0172278640.724039562 42.02723837
1994M060.0097348153.368471771 346.02319740.0178017030.73330449 41.19293974
1994M070.010152533.375349344 332.46387710.0178671290.734926654 41.13288944
1994M080.0100152413.357525198 335.24157160.0180076680.740444563 41.11829342
1994M090.0101207413.362321815 332.2208980.0193569240.74142175 38.30266319
1994M100.0101603813.36715007 331.39999430.0235947550.738219857 31.28745543
1994M110.0102086133.455496659 338.48835840.0229890340.753835136 32.79107459
1994M120.0099876653.334422689 333.85407010.0221314830.773933906 34.96981658
1995M010.0100255393.343902406 333.53841490.0224829240.765790602 34.06098756
1995M020.0101788423.351288644 329.24065030.0224855020.745289769 33.14534641
1995M030.0110145943.385283785 307.34531090.0226560090.735732311 32.47404704
1995M040.0119520723.42696569 286.72565180.0227347130.736062654 32.37615746
1995M050.0117512973.376028503 287.28986370.0192727620.727833821 37.76489512
1995M060.0118301843.346298455 282.86106910.0186495140.719564232 38.58353781
1995M070.0114650723.33503409 290.88644240.0176704670.72684455 41.13329602
1995M080.0105766583.310104345 312.96314980.0179535150.741185452 41.28358497
1995M090.0099514873.32751019 334.37318030.0180399590.754181939 41.80619033
1995M100.0099349493.335577065 335.74174230.0180132470.758029427 42.08177621
1995M110.0098118573.334408124 339.83457330.0180063380.745867892 41.42251924
1995M120.0098217363.338829492 339.94289130.0179207940.7415757 41.3807398
1996M01 0.00944863.341575664 353.65830020.0176321750.741982875 42.08118777
1996M020.0094584563.347773396 353.94501620.0171542770.755520969 44.04271716
1996M030.0094502923.346041487 354.06753670.0171196230.771426367 45.06094268
1996M04 0.00930553.336767646 358.58016270.0171309440.786843969 45.93115115
1996M050.0093944343.333622358 354.85079890.0171713320.796971508 46.41291094
1996M060.009186283.33628027 363.18076420.0172455120.79152749 45.89759217
1996M070.0091471673.338880327 365.01794980.0174489620.789272212 45.23319048
1996M080.0092805863.342328654 360.14199550.0175464150.782974992 44.62307584
1996M090.009112013.336399484 366.15406220.0177218240.792933378 44.74332747
1996M100.0088998913.335496959 374.77954030.0179032120.791834602 44.22863432

1996M110.008908133.347750981 375.80848190.0179779480.796140312 44.28426986
1996M120.008790073.336180207 379.53967390.0181319060.797804442 44.00003191
1997M010.0084732913.322822139 392.1524910.0182687780.779058897 42.64428171
1997M020.0081295253.299752849 405.89738430.0182049550.7670241 42.13271051
1997M030.0081538473.295729065 404.19312310.0182183870.788823942 43.29823067
1997M040.0079676133.291985989 413.17090670.0183899930.778973936 42.35857728
1997M050.0084039673.302760778 393.00022790.0186048930.775265916 41.67000031
1997M060.0087562033.306747087 377.64622440.018438210.753437559 40.86283669
1997M070.0086837433.304365066 380.52314710.0174339040.742522795 42.59073629
1997M080.0084816943.279501733 386.65643550.0148987780.741223909 49.75065228
1997M090.0082819163.283137984 396.42252870.0156822890.723657073 46.14486167
1997M100.0082604293.290772673 398.37794520.0159654890.721240534 45.17497295
1997M110.0079825093.298882009 413.26378190.0156419370.69540062 44.45744844
1997M120.0077290753.282455277 424.689250.0158601260.662089422 41.74553255
1998M010.0077248343.273172424 423.7207460.0163494330.654356048 40.0231642
1998M020.007936413.278559532 413.10361560.0165242280.673346262 40.74903038
1998M030.007770533.275442507 421.52111810.0166319890.669900051 40.27780755
1998M040.0075947713.275004842 431.21838110.016775230.652971674 38.92475154
1998M050.007407583.270506896 441.50816150.0159735480.631241399 39.51792094
1998M060.0071140313.26281988 458.64571570.0165236540.603132671 36.50116706
1998M070.0071056223.261142509 458.95245580.0168530050.618176873 36.68051383
1998M08 0.0069133.257413874 471.20119740.0168423890.590287411 35.04772474
1998M090.0074297793.287332593 442.45363220.0166643340.588886533 35.33813865
1998M100.0082441473.316716583 402.3116520.0167026330.617920943 36.99542121
1998M110.0082931413.305861623 398.62598470.0167701950.634171708 37.8154053
1998M120.0085017743.313200121 389.70691430.0162232320.618379475 38.11691082
1999M010.0088354013.313298919 375.00265060.0161806280.630799412 38.98485451
1999M020.0085717633.297000389 384.63502210.0159923240.639934471 40.01510245
1999M030.0083488623.283317464 393.26529210.0156222420.630036353 40.32944601
1999M040.008346883.276776177 392.57495630.0152321070.641827926 42.1365168
1999M050.0081890773.271544758 399.5010240.0145308290.662133261 45.56748131
1999M060.0082711743.265039589 394.74922860.0135861070.655918351 48.27860788
1999M070.0083433663.261323315 390.88818880.0136801710.657773568 48.08226116
1999M080.0088179883.282218254 372.21848410.0134383130.645302841 48.01963011
1999M090.0092961433.290003981 353.91066320.0132134080.648765076 49.09899506
1999M100.0094363663.302651699 349.99190850.0132325540.651495508 49.23429733
1999M110.0095278023.290231303 345.32951670.013371040.639537486 47.83004931
1999M120.0097389953.287278561 337.53776260.0135238570.640430369 47.35559896
2000M010.0095090813.285820371 345.54551190.0141481540.657635144 46.48204656
2000M020.0091483343.266756829 357.0876210.0136576010.629120741 46.06378026
2000M030.0093714723.263814093 348.2712230.0134353340.609614845 45.37399871
2000M040.0094801113.263196366 344.21500550.0134474940.597839408 44.45731128
2000M050.0092500093.249982125 351.34906760.0131631080.578379035 43.93939744
2000M060.0094135373.265050249 346.8462880.0128956710.593686735 46.03767536
2000M070.0092680983.260004955 351.74475470.0130879430.588706259 44.98080818
2000M080.0092530013.249158468 351.14643310.0130808040.581337891 44.44206096
2000M090.0093675063.246163035 346.53439630.0127882960.55365774 43.29409745

2000M100.0092280923.256109275 352.84750010.0126172460.527612606 41.81678125
2000M110.0091833693.249285157 353.8227840.0126811820.522266847 41.18439676
2000M120.0089122023.264666514 366.31422420.0127011220.547546172 43.11006226
2001M010.0085400553.271523352 383.07987750.012721740.555660514 43.67802807
2001M020.0086179133.264922327 378.85300010.0127795040.53490238 41.85627173
2001M030.0082559823.252159434 393.91550240.0128613230.504823589 39.25129613
2001M040.0080757513.253482039 402.87054720.0129033090.500981925 38.82584866
2001M050.0082014273.250954155 396.38884010.0127323980.519955908 40.837233
2001M060.0081864333.246995717 396.63133940.0127193940.518113239 40.73411465
2001M070.0080225213.251704706 405.32203260.012655280.510131206 40.30975167
2001M080.0082231843.270581771 397.7269130.0126720440.524785625 41.41286459
2001M090.0084051093.278559532 390.06747280.0126668940.506254778 39.96676437
2001M100.008245293.27549894 397.25696620.0126635950.504851624 39.86637587
2001M110.0081760733.260408855 398.77441230.0126647530.516846615 40.80984696
2001M120.0078518563.252138281 414.18719310.012708660.514096527 40.45245635
2002M010.0075377983.252099995 431.43900030.0127231480.516705075 40.61141712
2002M020.0074896033.250000081 433.93487580.012779520.513044147 40.14580715
2002M030.0076222133.254200929 426.9365180.0128112820.524680994 40.9546046
2002M040.0076293723.260500278 427.36153140.0127756510.53537203 41.90565674
2002M050.007906123.27740013 414.53962850.0127689790.549734478 43.05234572
2002M060.0080907793.294345848 407.1729110.0127124730.569586366 44.80531538
2002M070.0084698643.320399271 392.02509820.0126908060.554357527 43.68182095
2002M080.0084029453.313118891 394.28069540.0126892120.542093565 42.72082181
2002M090.0083079483.312285964 398.68883160.0126892120.547013035 43.10851098
2002M100.0080734243.308366196 409.78475770.0126065250.549661958 43.60138515
2002M110.0081599353.31944698 406.79822740.0125682610.561129441 44.64654456
2002M120.0081784873.325640019 406.63265650.0125732550.563177221 44.79168075
2003M010.0084278133.343998459 396.78126770.0128671150.582292486 45.25431624
2003M020.008384193.341198515 398.51179680.0130138860.59407117 45.64902275
2003M030.008436223.336224728 395.46440250.0130577910.602199232 46.11800295
2003M040.0083479763.334567123 399.44619510.0132176520.610012749 46.15136856
2003M050.0085277113.349797588 392.81321030.0139650370.646993744 46.32953979
2003M060.0084556383.342190137 395.26174360.0135644170.664345885 48.97710664
2003M070.008425183.334355869 395.76076660.013378410.661953557 49.47924114
2003M080.0084156193.336999996 396.52459730.0131647890.651003522 49.45035773
2003M090.0086813093.361600019 387.22270620.0128362780.661415031 51.52700888
2003M100.009125793.401395252 372.72336110.012864880.693654449 53.91845398
2003M110.0091578353.393407966 370.54694950.0130314380.715804242 54.92902801
2003M120.0092647923.393281303 366.25551410.0131545370.738427003 56.1347777
2004M010.0093886133.393281303 361.42517810.0131071050.768940938 58.66596437
2004M020.0093854043.393281303 361.54876150.013090770.777713832 59.40932634
2004M030.009206153.393281303 368.58853070.012942990.749782563 57.92962541
2004M040.0093236363.393281303 363.94397690.0128353390.74580114 58.1052922
2004M050.008887173.393281303 381.81798440.0126194910.705447465 55.90142077
2004M060.0091351883.393281303 371.45171360.0126149860.694169669 55.02738499
2004M070.0091437933.393281303 371.10217170.0125014850.716388827 57.30430048
2004M080.0090616653.393281303 374.46555820.0123722980.70989451 57.37774003

2004M090.0090902073.393281303 373.28978620.0123884260.701350802 56.61339057
2004M100.0091807133.393281303 369.60977270.0123150280.732820847 59.50622531
2004M110.0095331613.393281303 355.94502880.0123145970.768881815 62.43661942
2004M120.0096305543.393281303 352.34540210.0125353440.767754319 61.24716936
2005M010.0096205653.424657534 355.97260270.0128227650.765679196 59.71248746
2005M020.0095346113.424657534 359.18167810.0129974610.780743736 60.06894358
2005M030.0094955283.424657534 360.66003420.0133684820.784775358 58.70340163
2005M040.0093144993.424657534 367.66952050.0131325930.772678102 58.83667425
2005M050.0093534323.424657534 366.13914380.0130895880.766183716 58.53383084
2005M060.0092054063.424657534 372.02678080.0130410960.766630124 58.78571264
2005M070.0089337563.424657534 383.33904110.0131175670.752445448 57.36166111
2005M080.009031653.424657534 379.18404110.0131911240.761226183 57.70745482
2005M090.0090043453.424657534 380.33390410.0134946690.765280743 56.70985556
2005M100.0087095123.424657534 393.20890410.0135669490.754284335 55.59719558
2005M110.0084454473.424657534 405.50342470.013380140.754284335 56.37342518
2005M120.0084289623.424657534 406.29647260.0136786370.741900303 54.23788168
2006M01 0.00866163.424657534 395.38393840.013847665 0.74912 54.09720533
2006M020.0084828073.424657534 403.71746580.0139268870.741636198 53.25211593
2006M030.008524293.424657534 401.75280820.0138348040.727749072 52.60277487
2006M040.0085393093.424657534 401.04623290.014024551 0.73505 52.41165929
2006M050.0089599623.446674941 384.67518710.0139345630.763323817 54.77917042
2006M060.0087310593.458532199 396.1182818 0.0136230.740461011 54.35373954
2006M070.0086451353.458532199 400.05533650.0135764540.751433359 55.34827684
2006M080.0086295853.458532199 400.77619840.0137230880.762956916 55.59659305
2006M090.0085463883.458532199 404.67766480.0137238010.756624245 55.13226432
2006M100.0084276093.458532199 410.38119940.0138333510.75359086 54.47637907
2006M110.0085217353.458532199 405.84837790.0140589450.772141147 54.92169748
2006M120.0085375223.458532199 405.09787650.0143622940.786120261 54.73500565
2007M010.0082933583.458532199 417.02434810.0143102460.784037007 54.78850602
2007M020.0083024543.458532199 416.5674760.0143636890.782282858 54.46253256
2007M030.0085269153.458532199 405.60181920.0144320970.791740562 54.85970357
2007M040.0084125523.458532199 411.11572250.0145815110.82515059 56.58882746
2007M050.0082829783.463876445 418.19214050.0148831670.825416216 55.45971556
2007M060.0081554033.471498993 425.66861070.0150217820.841892575 56.04478868
2007M070.0082244573.492341992 424.62886880.0149097960.867520886 58.18462579
2007M080.0085671933.549066915 414.26252870.014936520.829462508 55.53251493
2007M090.0086945183.561707654 409.64980580.0149209190.845208513 56.64587454
2007M100.0086399543.587505722 415.22279130.0149611010.899078445 60.09440324
2007M110.0089919973.628369349 403.51095530.0152695070.898222418 58.82458614
2007M120.0089090833.64919154 409.60350440.0157977880.872714579 55.24283283
2008M010.0092887733.661599379 394.19621850.0146886020.881655396 60.02309937
2008M020.0093314923.658274706 392.03535060.0141843970.9130669 64.37121648
2008M030.0099216193.720073404 374.94619840.0154035740.924983813 60.04994913
2008M040.009757143.762903938 385.65644090.0160616770.93059614 57.93891567
2008M050.0096025973.75597999 391.14212220.0161550890.949018715 58.74425844
2008M060.009354123.768962593 402.92004150.0156788960.950796292 60.6417875
2008M070.0093622613.76973835 402.65253870.0149925040.962528756 64.20066799

2008M080.0091508453.746554575 409.42168560.0147754140.911194941 61.66967361
2008M090.0093678573.743916136 399.65555970.0140036410.820512821 58.59282051
2008M100.0099667473.736850956 374.93185850.0130446130.693389914 53.1552708
2008M110.0103437953.688320674 356.57326980.0127909950.655681811 51.26120396
2008M120.0109503243.631897063 331.67028770.0128139420.669751991 52.26744536
2009M010.0110518953.518060845 318.32195530.0126662440.677836364 53.51518091
2009M020.0108105643.444185595 318.59443470.012573871 0.649015 51.61616295
2009M030.0101870343.42703181 336.41115060.0124595070.664590909 53.34006636
2009M040.010100673.431655997 339.74538260.0125580810.712095455 56.70416105
2009M050.0103837373.454885415 332.72082050.0128435650.762561905 59.3730699
2009M060.010360843.47587068 335.48155830.0128452150.802336364 62.46188591
2009M070.0105824693.480149229 328.85986510.0130293160.803640797 61.67943115
2009M080.0105442863.481701396 330.19792860.0130941470.834119048 63.70167167
2009M090.0109297793.488831726 319.2042320.0132275130.861109091 65.09984727
2009M100.011075543.495805558 315.63295450.013290803 0.9072 68.257728
2009M110.0112119533.503644316 312.49188050.0133797160.920217171 68.77703138
2009M120.011165583.498644275 313.34191330.0132573250.900921739 67.95652678
2010M010.0109698563.48830111 317.98969210.0131943530.913585714 69.24066129
2010M020.0110761963.471687004 313.43674790.013032712 0.88627 68.0034971
2010M030.0110475633.468308333 313.94329320.0129954520.912009339 70.17911863
2010M040.0107092643.471247139 324.13499120.0129449840.92533474 71.48210865
2010M050.0108973653.447681434 316.37752110.0127323660.871435798 68.44256759
2010M060.0109985113.429690488 311.83226070.0123426310.852514919 69.07075874
2010M070.0114015993.46309912 303.73803460.0122804860.87427872 71.19251617
2010M080.0116995193.478997812 297.36246740.012431626 0.900009 72.39672397
2010M090.0118504053.491460412 294.62793430.0123594120.935803856 75.71588995
2010M100.0122149343.545920737 290.2938930.0123900380.980488283 79.13520933
2010M110.0121247393.562240535 293.79935040.0124285360.990197049 79.67125458
2010M120.0119867433.556345855 296.68993110.0124115680.992063492 79.93055556
2011M010.0121049113.568369969 294.78696830.0123411080.99522293 80.64291401
2011M020.0121215353.587401048 295.95269410.0122744571.008572869 82.16843167
2011M030.0122258953.603863342 294.77295660.0118750741.00999899 85.05201495
2011M040.0119980323.621351488 301.82878250.0119203721.058537102 88.80067746
2011M050.0123066023.634439366 295.32436640.011705491.068832835 91.31038906
2011M060.012420543.645991706 293.5453550.0112296461.060263636 94.41647682
2011M070.0125948763.652968037 290.0360490.0111234711.076557143 96.78248714
2011M080.0129498673.671971074 283.55279930.0107770231.050530518 97.47872676
2011M090.0130144793.637124126 279.4675250.010377751.023855841 98.65874885
2011M100.013025582 3.632851 278.90123690.0098745931.011828571 102.4678794
2011M110.012890023.6245752 281.19236930.0106746371.010203051 94.6358218
2011M120.0128437963.603233542 280.5427190.0115393491.012145749 87.71255061
2012M010.0129906743.590693927 276.40551430.0115821171.038313778 89.64801163
2012M020.0127564043.60338805 282.4767960.0120221211.072557143 89.21530314
2012M030.0121308053.59435284 296.29962060.0120627261.054296257 87.40115973
2012M040.012271523.597505346 293.15891190.0120206761.034171429 86.03272114
2012M050.0125446123.584928387 285.77435890.011851150.999465487 84.33489783
2012M060.0126069343.570422477 283.21101150.011793844 0.998 84.62042

2012M070.0126609523.55808575 281.02828680.0118849541.029263636 86.60224236
2012M080.0127121693.548483822 279.14070840.0118934351.046847826 88.01896522
2012M090.0127929953.557483237 278.08055910.011818934 1.039465 87.94913365
2012M100.0126632553.559447218 281.0846930.0117495011.02996087 87.65996961
2012M110.0123774633.547923578 286.64384170.011678151.041022727 89.14277614
2012M120.0119649033.555584632 297.16786230.0116265551.046233333 89.986529
2013M010.0112157923.551136364 316.61931820.011507481.04953913 91.20495043
2013M020.0107335173.546099291 330.37628050.011435106 1.03192 90.241404
2013M030.0105498123.516174402 333.29261970.011652296 1.03331 88.6786642
2013M040.0102354673.513703443 343.28706960.0118778951.038295455 87.41409432
2013M050.0098929583.50262697 354.05253940.0118835410.991982609 83.47533652
2013M060.0102742073.517411185 342.35353890.011697275 0.94359 80.6675091
2013M070.010025013.505082369 349.63381110.0115127790.917217391 79.66950261
2013M080.0102176363.521812522 344.67979150.0114298780.904232713 79.11132009
2013M090.0100726353.523636731 349.82273950.0114403390.927785714 81.09774929
2013M100.0102227093.543255891 346.6063530.0117219550.95189172 81.20588266
2013M110.0100212123.533049559 352.55712710.0116144020.933095238 80.3395
2013M120.0096700973.541540499 366.23629490.0115861430.898259091 77.52874214
2014M010.0096213983.53839763 367.76335760.0115995820.886195652 76.39892717
2014M020.009788943.54351328 361.99153640.011590172 0.89661 77.3595108
2014M03 0.00977783.554291807 363.50630890.011562030.907109524 78.45590271
2014M040.0097500283.554639249 364.57734280.0115313650.931339242 80.76573904
2014M050.0098241483.555081545 361.87175040.0114403390.930918182 81.37155827
2014M060.0097988893.546757076 361.95500430.0114142220.936652381 82.0601151
2014M070.0097295193.543784521 364.23017310.011393415 0.9392 82.433584
2014M080.0097127793.524939653 362.91771540.011349450.930342857 81.97250914
2014M090.0093245133.488989969 374.17397470.0112561910.906177273 80.50478891
2014M100.0092540013.462603878 374.17369680.0112069930.87843913 78.38312361
2014M110.0086049473.439860066 399.75378250.011116052 0.865035 77.8185486
2014M120.0083813423.423766417 408.49858110.0110570540.824326087 74.5520513
2015M010.008452533.400172797 402.26688760.010945709 0.8061 73.645296
2015M020.0084343113.386132163 401.47111640.010930156 0.778985 71.26933765
2015M030.0083065573.346526456 402.8776720.0109015590.773113636 70.91771386
2015M040.0083647343.318648315 396.74282570.0107020550.772581818 72.19004509
2015M050.0082857313.312277187 399.75678530.010374520.790228571 76.170132
2015M060.0080807783.309739305 409.58174340.0102354150.772222727 75.44616045
2015M070.0081140293.304365066 407.24096530.0098814230.742313043 75.12208
2015M080.0081146563.306555743 407.47946060.0097627650.729304059 74.70261473
2015M090.0083135893.310999538 398.26357940.0094993830.705914673 74.31163764
2015M100.0083290373.309355946 397.32757850.0097295190.720227273 74.02495909
2015M110.0081610713.291836443 403.35840120.0097876090.715471429 73.09971586
2015M120.0082018313.294128808 401.63336080.0097856930.724886957 74.07619809
2016M010.0084526493.295802927 389.91362730.009774216 0.7029 71.913699
2016M020.0086886143.335139867 383.85177940.0098106540.712795238 72.65521862
2016M030.0088440433.321251727 375.53544240.0098531880.748395652 75.95467474
2016M040.0090937833.315787292 364.62133910.0098784950.766120928 77.55442159
2016M050.0091690783.31645039 361.69944940.0099275290.732231818 73.75771105

2016M060.009479408 3.3183 350.05350030.0098863070.739704545 74.82111477
2016M070.009618062 3.3095 344.09219870.0098687460.752590476 76.25999295
2016M080.009874681 3.3168 335.88932070.009860960.762491304 77.32424317
2016M090.0098092873.316167744 338.06410260.0098745930.759477273 76.91226341
2016M100.0096322873.305670382 343.18643490.009869720.761672633 77.17267119
2016M110.0092915693.293794623 354.49281640.009828010.753568182 76.6755625
2016M120.0086281653.273215279 379.36401430.0097914420.734718182 75.03676791
2017M010.0087145973.27355066 375.63993820.0096385540.744718182 77.26451136
2017M020.0088439553.277704139 370.61518230.0096487840.766704876 79.46129335
2017M030.0088484193.277054295 370.35480160.0097228970.762352174 78.40792109
2017M040.0090857883.280726878 361.08336160.009678162 0.75399 77.90631835
2017M050.0089081013.289087433 369.22429970.0096841230.743352174 76.75988351
2017M060.0090166523.296348305 365.58450550.0096627040.755781818 78.21638941
2017M070.0088972973.302717145 371.20454790.0096267610.779304762 80.95191868
2017M080.0090979773.313858889 364.24129350.0096566390.791795652 81.99495302
2017M090.0090315343.31807021 367.38721180.009697440.79722381 82.20971924
2017M100.0088529523.31005263 373.89251160.00967229 0.77905 80.54452163
2017M110.008849973.307742433 373.75748570.009655192 0.7625 78.97305291
2017M120.0088535143.312272799 374.11955650.0096997620.764504762 78.81685439
2018M010.0090273533.325520998 368.38274110.0097164740.794319048 81.74972173
2018M020.0092677933.335495228 359.90178820.009861914 0.78797 79.90031122
2018M030.009433923.336670003 353.68860920.0098833040.776571429 78.57407238
2018M040.0093004723.333280424 358.3990730.0099392730.769763158 77.4466291
2018M050.0091156463.313609467 363.5079290.0099341470.752691304 75.76808304
2018M060.0090888243.307875663 363.94980740.009900672 0.749395 75.69132725
2018M070.008975173.304665361 368.20085760.0099332340.740568182 74.55458884
2018M080.0090042833.300723409 366.57260140.0099390950.732577273 73.70663435
2018M090.0089328413.303782831 369.84682760.009917303 0.720295 72.63012599
2018M100.0088672133.296448077 371.75693190.0098935820.710281818 71.79218318
2018M110.0088196253.291639236 373.21757740.0097697640.724627273 74.17039561
2018M120.0088831423.292053564 370.59561430.0097759540.718626316 73.50958381
2019M010.0091809573.299733664 359.41065710.0098440270.714409524 72.57289458
2019M020.0090622583.295627478 363.66516860.009976685 0.7144 71.60695131
2019M030.0089923213.29416932 366.33139340.0099639640.708080952 71.06418489
2019M040.0089554533.287980084 367.14838180.0098945570.711526316 71.91088146
2019M050.0091030463.290272544 361.44740660.0098862420.694891304 70.28872045
2019M060.0092543753.295741284 356.1279160.0098339190.694891304 70.6627031
2019M070.0092386883.292967046 356.43232110.0096939460.698704348 72.07635748
2019M080.009409743.291895872 349.83917970.0096807370.67717619 69.95089417
2019M090.0093038643.2917205 353.80143430.0096338940.680804762 70.66766036
2019M100.0092486973.29315682 356.06709260.0096462960.679586364 70.45049956
2019M110.009191743.294289898 358.39677890.0097668170.682928571 69.92335408
2019M120.0091613063.296716235 359.85219310.009852113 0.68769 69.80126953
2020M010.0091504093.295513394 360.1493140.0098920680.687033333 69.45295283
2020M020.0090930973.283128822 361.0572640.009921144 0.667355 67.26593359
2020M030.0093202853.255249089 349.26497550.0096394670.622922727 64.62211316
2020M040.0092652653.236736965 349.34102060.00939746 0.629785 67.01651182

2020M050.009320383.238229614 347.43536980.0093742060.650957143 69.44130788
2020M060.0092975693.249566724 349.5071490.0093982020.689204762 73.33368421
2020M070.0093723023.257573859 347.57455820.0093225630.702847826 75.39212725
2020M080.009430273.271501947 346.91497370.009247403 0.71992 77.85104916
2020M090.0094615833.269977519 345.60574060.0092244230.723786364 78.46413148
2020M100.0095036823.269699942 344.04561290.0092048670.712738095 77.43056896
2020M110.0095761163.272585957 341.7446011 0.726471429 #DIV/0!

US/JORDANUS/BHUTANKUWAIT/BHUTAN
1.4512945550.038167939 2.153329270.002484
1.4462989210.038167939 2.123051112
1.4469057920.031989763 2.045592002
1.4584062540.031941738 2.048958698
1.4582148530.031922772 2.08951981
1.4447944060.031844091 2.132617679
1.4348025710.03187759 2.117883379
1.4401751250.031874542 2.122458091
1.4482259230.031877112 2.220825489
1.4403618190.03187759 2.17699166
1.4270424550.03187759 2.121041741
1.424115980.031877153 2.116692063
1.417193390.03187759 2.037357218
1.4247449710.03187759 1.989642104
1.4270628190.031874938 2.00522305
1.420696710.031877031 1.982880605
1.4298378560.03187759 1.974806257
1.4393459610.031877133 1.962821694
1.4468639220.031877112 1.968718802
1.4370293730.031876665 1.940765649
1.4352144210.031877133 1.935759803
1.4390145630.031877112 1.949303517
1.4348025710.031856356 1.903337351
1.4219896480.031859218 1.837352824
1.4297152010.031874034 1.866979298
1.4310450920.031869574 1.920119063
1.4577259480.031596016 1.981326531
1.4577259480.031832728 1.980437318
1.4450867050.031830823 1.985462428
1.4411713840.031845288 2.002839108
1.4357501790.031868884 1.975319454
1.4107556010.031655587 1.903377349
1.4012667450.030063886 1.857995628
1.405599910.028934348 1.854281457
1.4104372360.028779339 1.89100141
1.4104372360.02861015 1.901946403
1.4104372360.027959366 1.90090268
1.4104372360.027314158 1.866840621
1.4104372360.029031588 1.828349788
1.4104372360.029206034 1.792524683
1.4104372360.028581228 1.769746121
1.4104372360.028580019 1.781918195
1.4104372360.028154287 1.787009873
1.4104372360.028017561 1.801382228
1.4104372360.027986902 1.778758815
1.4104372360.028056393 1.78122708
0
100
200
300
400
500
600
1993M01 1994M08 1996M03 1997M10 1999M05 2000M12 2002M07
Variation in Cross Exchange Rates
KUWAIT/BHUTAN
KENYA/AUSTRALIAN
JAPAN/KUWAIT

1.4104372360.027982736 1.771593794
1.4104372360.027903086 1.767898449
1.4104372360.0278766 1.810437236
1.4104372360.027864079 1.838843441
1.4104372360.027875862 1.788025388
1.4104372360.027918105 1.810634697
1.4104372360.027922938 1.819294781
1.4104372360.027924786 1.872002821
1.4104372360.027982916 1.899520451
1.4104372360.027834994 1.902849083
1.4104372360.02746103 1.949040903
1.4104372360.027601778 1.955571227
1.4104372360.026915995 2.028236953
1.4104372360.025495031 2.130282087
1.4104372360.025408118 2.155458392
1.4104372360.025698359 2.094668547
1.4104372360.025313835 2.105444288
1.4104372360.025217952 2.160028209
1.4104372360.024769698 2.23438646
1.4104372360.023669911 2.338519041
1.4104372360.023523633 2.281607898
1.4104372360.023388366 2.389407616
1.4104372360.023517841 2.395091678
1.4104372360.023615539 2.282552891
1.4104372360.023597628 2.224062059
1.4104372360.023499509 2.280860367
1.4104372360.023524984 2.235952045
1.4104372360.023549293 2.20403385
1.4104372360.023564526 2.238660085
1.4104372360.023404952 2.197531735
1.4104372360.023380355 2.130141044
1.4104372360.02318181 2.150324401
1.4104372360.02310196 2.14425952
1.4104372360.023009182 2.185698166
1.4104372360.022968346 2.17403385
1.4104372360.023012841 2.164922426
1.4104372360.023042595 2.205401975
1.4104372360.022996552 2.202327221
1.4104372360.022961111 2.14471086
1.4104372360.022929017 2.241918195
1.4104372360.022941794 2.313653032
1.4104372360.022915282 2.35922426
1.4104372360.022742546 2.438603667
1.4104372360.022375895 2.375726375
1.4104372360.022332345 2.395825106
1.4104372360.021885755 2.426191819
1.4104372360.021791715 2.547489422

1.4104372360.0215732 2.673244006
1.4104372360.021375619 2.700606488
1.4104372360.021390132 2.575923836
1.4104372360.021486893 2.538307475
1.4104372360.021496644 2.636812412
1.4104372360.021449791 2.793921016
1.4104372360.021373915 2.815345557
1.4104372360.021314113 2.712609309
1.4104372360.021274215 2.7222567
1.4104372360.021212588 2.764851904
1.4104372360.021219565 2.68764457
1.4104372360.020988121 2.786022567
1.4104372360.020824448 2.793765867
1.410640.020834475 2.729320378
1.4106361970.020869394 2.743913105
1.4104412140.020688638 2.7296833
1.4104372360.020537465 2.749153738
1.4104372360.020517265 2.688180536
1.4104372360.020441746 2.634499295
1.4104372360.020408163 2.565669958
1.4104372360.020424374 2.476248237
1.4104372360.020506969 2.544273625
1.4104372360.020581807 2.601833568
1.4104372360.02064234 2.578434415
1.4104372360.020674211 2.566008463
1.4104372360.020671835 2.513568406
1.4104372360.020773825 2.504428773
1.4104372360.02086376 2.422214386
1.4104372360.020948643 2.374188999
1.4104372360.020986848 2.342143865
1.4104372360.021107066 2.312143865
1.4104372360.021239016 2.179985896
1.4104372360.021405255 2.123046544
1.4104372360.021631177 2.130719323
1.4104372360.02177084 2.166558533
1.4104372360.021811678 2.132454161
1.4104372360.022032741 2.033342736
1.4104372360.0219674 1.970423131
1.4104372360.021935597 1.910056417
1.4104372360.021999441 1.83425952
1.4104372360.022089538 1.813568406
1.4104372360.022213337 1.88112835
1.4104372360.022762917 1.891170663
1.4104372360.022099057 1.999351199
1.4104372360.021974738 2.031833568
1.4104372360.021719488 1.968815233
1.4104372360.021579163 1.986826516

1.4104372360.021694327 2.011029619
1.4104372360.021842359 1.924668547
1.4104372360.022160616 1.834400564
1.4104372360.022737815 1.837094499
1.4104372360.022854792 1.842073343
1.4104372360.022893878 1.806530324
1.4104372360.022888271 1.797249647
1.4104372360.022861741 1.82538787
1.4104372360.022994373 1.840860367
1.4104372360.02294441 1.839788434
1.4104372360.022969444 1.874471086
1.4104372360.022922899 1.852849083
1.4104372360.022771263 1.84303244
1.4104372360.022312464 1.869901269
1.4104372360.021869157 1.869901269
1.4104372360.021910077 1.901114245
1.4104372360.022524044 1.882792124
1.4104372360.022558647 1.901791255
1.4104372360.022481509 1.938081805
1.4104372360.022247386 1.918831693
1.4104372360.022022891 1.847757405
1.4104372360.02171265 1.904809591
1.4104372360.021525652 1.876995769
1.4104372360.021488278 1.84864598
1.4104372360.021683461 1.864118477
1.4104372360.021993683 1.871622003
1.4104372360.022296196 1.826657264
1.4104372360.022403893 1.794174894
1.4104372360.022556815 1.798942172
1.4104372360.022645799 1.802976023
1.4104372360.022713851 1.781438646
1.4104372360.023725806 1.709308886
1.4104372360.024520983 1.708758815
1.4104372360.024525673 1.675317348
1.4104372360.024743962 1.625825106
1.4104372360.024497075 1.700423131
1.4104372360.024789291 1.668744711
1.4104372360.025309151 1.568758815
1.4104400210.025357284 1.570256979
1.4104400210.025355291 1.616152698
1.4104400210.025397664 1.599763385
1.4104372360.02516825 1.544724965
1.4104372360.024779401 1.524823695
1.4104372360.024986008 1.515627645
1.4084507040.023738872 1.484112676
1.4084507040.023353464 1.481338028
1.4084507040.02334376 1.46328169

1.4084507040.023289719 1.54571831
1.4084507040.021947392 1.716549296
1.4084507040.020552661 2.031253521
1.4084507040.020406789 2.148070423
1.4084507040.020561536 2.102943662
1.4084507040.02047762 2.077862416
1.4084507040.020299993 2.170135828
1.4084507040.019520308 2.119274707
1.4084507040.019975271 1.977895934
1.4084507040.020604113 1.846998513
1.4084507040.020933027 1.755436707
1.4084507040.020627786 1.752587362
1.4084507040.020688942 1.688548785
1.4084507040.020644544 1.63562401
1.4084507040.021403627 1.552525027
1.4084507040.021473512 1.53056338
1.4084507040.021445421 1.563344121
1.4084507040.021758145 1.541673301
1.4084507040.021585265 1.589189191
1.4084507040.021979713 1.544338028
1.4084507040.022472163 1.522098592
1.4084507040.02182858 1.616241503
1.4084507040.021475567 1.652112676
1.4084507040.021350915 1.610985915
1.4084507040.021474389 1.564929577
1.4084507040.021711283 1.505070423
1.4084507040.022516488 1.436478873
1.4084507040.022214077 1.422394366
1.4084507040.022143931 1.41971831
1.4084507040.0220291 1.415211268
1.4084507040.022008592 1.396478873
1.4084507040.022227409 1.394507042
1.4084507040.022538716 1.33056338
1.4084507040.022269334 1.317746479
1.4084507040.022295649 1.328396689
1.4084507040.02251446 1.308291635
1.4084507040.022085537 1.340704225
1.4084507040.020991645 1.375633803
1.4084507040.020301724 1.391985504
1.4084507040.019668275 1.394225352
1.4084507040.018987041 1.391549296
1.4084507040.019475676 1.356478873
1.4084507040.020340293 1.313170784
1.4084507040.019871629 1.335915493
1.4084507040.019303939 1.361912218
1.4084507040.01835755 1.409203941
1.4084507040.017847518 1.411273251

1.4084507040.018019706 1.368406164
1.4084507040.017998625 1.345420671
1.4084507040.018313174 1.354976555
1.4084507040.01885942 1.36747982
1.4084507040.018256237 1.352949045
1.4084507040.018298998 1.346210888
1.4084507040.01841051 1.341970645
1.4084507040.018596451 1.364883619
1.4084507040.018380799 1.363047589
1.4084507040.018390568 1.356502812
1.4084507040.018178249 1.41983407
1.4084507040.017124079 1.492651156
1.4084507040.01672929 1.535569122
1.4084507040.015820571 1.557619718
1.4084507040.015685758 1.518077593
1.4084507040.016229656 1.479633318
1.4084507040.015966024 1.509439387
1.4084507040.016152401 1.567978235
1.4084507040.016109285 1.589322517
1.4084507040.016063225 1.570862141
1.4084507040.016389681 1.552679877
1.4084507040.01656819 1.512285364
1.4084507040.016861985 1.51296938
1.4084507040.016741809 1.50370696
1.4084507040.016650405 1.499628092
1.4084507040.016421656 1.513905001
1.4084507040.016429831 1.554277233
1.4084507040.016302044 1.603356061
1.4084507040.016206352 1.628200829
1.4084507040.015935506 1.708608676
1.4084507040.016070471 1.74724067
1.4084507040.016119254 1.808058826
1.4084507040.016012852 1.821790016
1.4084507040.015935452 1.823044073
1.4084507040.015673901 1.782333309
1.4084507040.015659074 1.823891805
1.4084507040.015714628 1.897381053
1.4084507040.015367515 1.931225649
1.4084507040.015101677 1.99521381
1.4084507040.015370899 1.955564247
1.4084507040.015124682 1.968563171
1.4084507040.015016026 1.942993582
1.4084507040.014869373 2.003771097
1.4084507040.014654663 1.975954144
1.4084507040.014920507 1.88196003
1.4084507040.015044487 1.83841826
1.4084507040.014946179 1.923503827

1.4084507040.014859534 1.904071988
1.4084507040.014879264 1.871470273
1.4084507040.014938831 1.84716953
1.4084507040.014984028 1.854500134
1.4084507040.014981792 1.84915493
1.4084507040.014787286 1.869042163
1.4084507040.014727447 1.916994487
1.4084507040.014688523 1.89125328
1.4084507040.014908584 1.83701806
1.4084507040.015179884 1.847506641
1.4084507040.015502172 1.867996531
1.4084507040.015521964 1.894728708
1.4084507040.015517591 1.863567858
1.4084507040.015514488 1.807316948
1.4084507040.015632722 1.778805807
1.4084507040.015518083 1.76669423
1.4084507040.015365401 1.80790797
1.4084507040.015417202 1.847148465
1.4084507040.015566063 1.842304685
1.4084507040.015714154 1.773154891
1.4084507040.015534261 1.78744204
1.4084507040.015379568 1.813678243
1.4084507040.015235461 1.829719557
1.4084507040.014806181 1.871219577
1.4084507040.014750771 1.879450362
1.4084507040.014557448 1.901851496
1.4084507040.014378867 1.922596778
1.4084507040.013847484 1.955380371
1.4084507040.013580996 1.982946301
1.4084507040.013917063 1.94368989
1.4084507040.014138058 1.959920856
1.4084507040.014137699 1.971489261
1.4084507040.014040651 1.971515543
1.4084507040.014392911 1.989109719
1.4084507040.014403534 1.979478022
1.4084507040.014332166 2.026864771
1.4084507040.014401157 2.026864771
1.4084507040.01453313 2.015803549
1.4084507040.014055664 2.079888106
1.4084507040.014018627 2.068802663
1.4084507040.014076686 2.072511721
1.4084507040.013995469 2.062368984
1.4084507040.014046403 2.048089552
1.4084507040.014022535 2.050047117
1.4084507040.013988261 2.110496968
1.4084507040.013449772 2.261035988
1.4084507040.013117078 2.236399254

1.4084507040.013217045 2.163661187
1.4084507040.013205358 2.043588179
1.4084507040.013334508 2.003919841
1.4084507040.013391914 1.956398911
1.4084507040.013608823 1.945948107
1.4084507040.013613201 1.976112563
1.4084507040.013464797 1.938755812

2000M12 2002M07 2004M02 2005M09 2007M04 2008M11 2010M06 2012M01 2013M08 2015M03 2016M10 2018M05 2019M12
Period
Variation in Cross Exchange Rates

PERIODJAPAN JORDAN KENYA KUWAIT BHUTAN BRAZIL
1993M010.007999361.4512945550.0276037213.2209127420.038167939164.3617011
1993M020.0082671961.4462989210.0273548423.2588469550.038167939129.3210134
1993M030.0085418981.4469057920.0231907183.2825953510.031989763102.8420694
1993M040.0088932371.4584062540.0192754363.3227117310.03194173880.43413312
1993M050.0090577331.4582148530.0160873613.3253303720.03192277262.38565949
1993M060.0093161921.4447944060.0155878333.3225461340.03184409148.03479963
1993M070.0092824651.4348025710.015306133.316936610.0318775936.81166275
1993M080.0096422721.4401751250.0152855423.3227779750.03187454227.92819079
1993M090.009498031.4482259230.0151984233.3398394520.03187711220.78243807
1993M100.0093528751.4403618190.0147115943.3472805590.0318775915.28040011
1993M110.0092762221.4270424550.0144966193.3488319510.0318775911.22821807
1993M120.009115851.424115980.0146171263.353116160.0318771538.270946923
1994M010.0089678061.417193390.0147215783.3533480150.031877595.912263189
1994M020.0094152621.4247449710.0148356073.3663025640.031877594.195259875
1994M030.0095112521.4270628190.0151402293.3610254950.0318749383.008356124
1994M040.0096593641.420696710.0159292993.3614366240.0318770312.082600468
1994M050.0096404131.4298378560.0172278643.3615561750.031877591.45746764
1994M060.0097348151.4393459610.0178017033.3684717710.0318771331.19760479
1994M070.010152531.4468639220.0178671293.3753493440.0318771121.071811361
1994M080.0100152411.4370293730.0180076683.3575251980.0318766651.112347052
1994M090.0101207411.4352144210.0193569243.3623218150.0318771331.156069364
1994M100.0101603811.4390145630.0235947553.367150070.0318771121.182033097
1994M110.0102086131.4348025710.0229890343.4554966590.0318563561.187648456
1994M120.0099876651.4219896480.0221314833.3344226890.0318592181.176470588
1995M010.0100255391.4297152010.0224829243.3439024060.0318740341.180637544
1995M020.0101788421.4310450920.0224855023.3512886440.0318695741.189060642
1995M030.0110145941.4577259480.0226560093.3852837850.0315960161.124859393
1995M040.0119520721.4577259480.0227347133.426965690.0318327281.101321586
1995M050.0117512971.4450867050.0192727623.3760285030.0318308231.114827202
1995M060.0118301841.4411713840.0186495143.3462984550.0318452881.094091904
1995M070.0114650721.4357501790.0176704673.335034090.0318688841.076426265
1995M080.0105766581.4107556010.0179535153.3101043450.0316555871.061571125
1995M090.0099514871.4012667450.0180399593.327510190.0300638861.049317943
1995M100.0099349491.405599910.0180132473.3355770650.0289343481.041666667
1995M110.0098118571.4104372360.0180063383.3344081240.0287793391.037344398
1995M120.0098217361.4104372360.0179207943.3388294920.028610151.033057851
1996M01 0.00944861.4104372360.0176321753.3415756640.0279593661.025641026
1996M020.0094584561.4104372360.0171542773.3477733960.0273141581.019367992
1996M030.0094502921.4104372360.0171196233.3460414870.0290315881.014095933
1996M04 0.00930551.4104372360.0171309443.3367676460.0292060341.009896991
1996M050.0093944341.4104372360.0171713323.3336223580.0285812281.004722194
1996M060.009186281.4104372360.0172455123.336280270.0285800190.998701688
1996M070.0091471671.4104372360.0174489623.3388803270.0281542870.993147284
1996M080.0092805861.4104372360.0175464153.3423286540.0280175610.986777186
1996M090.009112011.4104372360.0177218243.3363994840.0279869020.981065437
1996M100.0088998911.4104372360.0179032123.3354969590.0280563930.975609756

1996M110.008908131.4104372360.0179779483.3477509810.0279827360.970496894
1996M120.008790071.4104372360.0181319063.3361802070.0279030860.964041261
1997M010.0084732911.4104372360.0182687783.3228221390.02787660.958864704
1997M020.0081295251.4104372360.0182049553.2997528490.0278640790.953016297
1997M030.0081538471.4104372360.0182183873.2957290650.0278758620.946342387
1997M040.0079676131.4104372360.0183899933.2919859890.0279181050.942595909
1997M050.0084039671.4104372360.0186048933.3027607780.0279229380.936066648
1997M060.0087562031.4104372360.018438213.3067470870.0279247860.93057882
1997M070.0086837431.4104372360.0174339043.3043650660.0279829160.925326177
1997M080.0084816941.4104372360.0148987783.2795017330.0278349940.919202133
1997M090.0082819161.4104372360.0156822893.2831379840.027461030.914411119
1997M100.0082604291.4104372360.0159654893.2907726730.0276017780.909008272
1997M110.0079825091.4104372360.0156419373.2988820090.0269159950.903097625
1997M120.0077290751.4104372360.0158601263.2824552770.0254950310.897988506
1998M010.0077248341.4104372360.0163494333.2731724240.0254081180.892936869
1998M020.007936411.4104372360.0165242283.2785595320.0256983590.887232721
1998M030.007770531.4104372360.0166319893.2754425070.0253138350.882067566
1998M040.0075947711.4104372360.016775233.2750048420.0252179520.876270592
1998M050.007407581.4104372360.0159735483.2705068960.0247696980.871004268
1998M060.0071140311.4104372360.0165236543.262819880.0236699110.866100814
1998M070.0071056221.4104372360.0168530053.2611425090.0235236330.860955661
1998M08 0.0069131.4104372360.0168423893.2574138740.0233883660.853460783
1998M090.0074297791.4104372360.0166643343.2873325930.0235178410.846811754
1998M100.0082441471.4104372360.0167026333.3167165830.0236155390.841467519
1998M110.0082931411.4104372360.0167701953.3058616230.0235976280.837731423
1998M120.0085017741.4104372360.0162232323.3132001210.0234995090.829600133
1999M010.0088354011.4104372360.0161806283.3132989190.0235249840.666171479
1999M020.0085717631.4104372360.0159923243.2970003890.0235492930.522771035
1999M030.0083488621.4104372360.0156222423.2833174640.0235645260.52742616
1999M040.008346881.4104372360.0152321073.2767761770.0234049520.59057382
1999M050.0081890771.4104372360.0145308293.2715447580.0233803550.594277952
1999M060.0082711741.4104372360.0135861073.2650395890.023181810.566694552
1999M070.0083433661.4104372360.0136801713.2613233150.023101960.555705708
1999M080.0088179881.4104372360.0134383133.2822182540.0230091820.531929041
1999M090.0092961431.4104372360.0132134083.2900039810.0229683460.527064776
1999M100.0094363661.4104372360.0132325543.3026516990.0230128410.507946828
1999M110.0095278021.4104372360.013371043.2902313030.0230425950.518379132
1999M120.0097389951.4104372360.0135238573.2872785610.0229965520.542879195
2000M010.0095090811.4104372360.0141481543.2858203710.0229611110.554654609
2000M020.0091483341.4104372360.0136576013.2667568290.0229290170.56354205
2000M030.0093714721.4104372360.0134353343.2638140930.0229417940.574305569
2000M040.0094801111.4104372360.0134474943.2631963660.0229152820.565812984
2000M050.0092500091.4104372360.0131631083.2499821250.0227425460.547305887
2000M060.0094135371.4104372360.0128956713.2650502490.0223758950.553241601
2000M070.0092680981.4104372360.0130879433.2600049550.0223323450.556475654
2000M080.0092530011.4104372360.0130808043.2491584680.0218857550.55296304
2000M090.0093675061.4104372360.0127882963.2461630350.0217917150.543954221

2000M100.0092280921.4104372360.0126172463.2561092750.02157320.532243839
2000M110.0091833691.4104372360.0126811823.2492851570.0213756190.513555292
2000M120.0089122021.4104372360.0127011223.2646665140.0213901320.50955414
2001M010.0085400551.4104372360.012721743.2715233520.0214868930.51184693
2001M020.0086179131.4104372360.0127795043.2649223270.0214966440.49973625
2001M030.0082559821.4104372360.0128613233.2521594340.0214497910.478869867
2001M040.0080757511.4104372360.0129033093.2534820390.0213739150.456276193
2001M050.0082014271.4104372360.0127323983.2509541550.0213141130.435458171
2001M060.0081864331.4104372360.0127193943.2469957170.0212742150.421048199
2001M070.0080225211.4104372360.012655283.2517047060.0212125880.405642861
2001M080.0082231841.4104372360.0126720443.2705817710.0212195650.398433291
2001M090.0084051091.4104372360.0126668943.2785595320.0209881210.374410796
2001M100.008245291.4104372360.0126635953.275498940.0208244480.365047074
2001M110.008176073 1.410640.0126647533.2604088550.0208344750.393350024
2001M120.0078518561.4106361970.012708663.2521382810.0208693940.42338795
2002M010.0075377981.4104412140.0127231483.2520999950.0206886380.420680661
2002M020.0074896031.4104372360.012779523.2500000810.0205374650.413428146
2002M030.0076222131.4104372360.0128112823.2542009290.0205172650.426285624
2002M040.0076293721.4104372360.0127756513.2605002780.0204417460.431108812
2002M050.007906121.4104372360.0127689793.277400130.0204081630.403290853
2002M060.0080907791.4104372360.0127124733.2943458480.0204243740.368571876
2002M070.0084698641.4104372360.0126908063.3203992710.0205069690.340850823
2002M080.0084029451.4104372360.0126892123.3131188910.0205818070.321614857
2002M090.0083079481.4104372360.0126892123.3122859640.020642340.299289828
2002M100.0080734241.4104372360.0126065253.3083661960.0206742110.262803081
2002M110.0081599351.4104372360.0125682613.319446980.0206718350.279673342
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0.144985640.0095369980.2666666670.0370348940.762352174
0.1451046530.0095369810.2666666670.03723448 0.75399
0.1451407250.00953730.2666666670.0378448240.743352174
0.1468861150.0095347180.2666666670.0383011770.755781818
0.1476782030.009471290.2666666670.0385069840.779304762
0.1499032470.0094878460.2666666670.0390087550.791795652
0.1522430350.0094865940.2666666670.0383015450.79722381
0.1511138980.0094852170.2666666670.037516446 0.77905
0.1509346250.0094830190.2666666670.037445786 0.7625
0.1516633680.0091691520.2666666670.0363418210.764504762
0.155544840.0090456170.2666666670.0351687570.794319048
0.1583914190.0090448550.2666666670.036803878 0.78797
0.1582409360.0088927440.2666666670.0379633360.776571429
0.1587409010.0086505560.2666666670.0382383610.769763158
0.156880440.0086494020.2666666670.0381953110.752691304
0.1546624140.008373770.2666666670.038164777 0.749395
0.148832410.0080085810.2666666670.0378778030.740568182
0.1459471430.0080593520.2666666670.0363871770.732577273
0.1458460610.0080484650.2666666670.035471977 0.720295
0.1441681030.0075826070.2666666670.0355525440.710281818
0.1440758180.0074679290.2666666670.0357993120.724627273
0.145232150.0072091680.2666666670.0359852820.718626316
0.1473266530.0072047590.2666666670.0358690670.714409524
0.1484645580.0072118450.2666666670.036817931 0.7144
0.1489954510.0071772890.2666666670.0372251830.708080952
0.1488833750.007077610.2666666670.0372974350.711526316
0.1455548320.0068423950.2666666670.0379091620.694891304
0.1448986890.0064156460.2666666670.0377356920.694891304
0.1454022490.0062799560.2666666670.0388329070.698704348
0.1416004850.0063173270.2666666670.0396086830.67717619
0.1405308810.006398260.2666666670.0403718670.680804762
0.141180770.0064078970.2666666670.0403092420.679586364
0.1424843270.0064324580.2666666670.0410382370.682928571
0.1424390360.0064516780.2666666670.042355948 0.68769
0.1444870950.0064631040.2666666670.0414604840.687033333
0.1428640180.0064794470.2666666670.040656151 0.667355
0.1424892610.0062908520.2666666670.0378611570.622922727
0.1413907190.006071040.2666666670.036731414 0.629785

0.1406249870.0062380280.2666666670.0372934930.650957143
0.1411271260.0060409170.2666666670.0374428860.689204762
0.1426934820.0059886020.2666666670.0366128180.702847826
0.1443148210.00595390.2666666670.036335335 0.71992
0.1468636890.0060229450.2666666670.0357440090.723786364
0.149204590.0061398680.2666666670.0353045620.712738095
0.1513278620.006275180.2666666670.0353230160.726471429

0%
10%
20%
30%
1993M01
1994M03
1995M05
1996M07
1997M09
1998M11
2000M01
2001M03
2002M05
2003M07
2004M09
2005M11
2007M01
2008M03
2009M05
2010M07
Period
Currencies' Exchange Rates & their high/low volatility patterns
JAPAN JORDAN KENYA KUWAIT BHUTAN BRAZIL
0%
50%
100%
1993… 1994… 1995… 1996… 1997… 1998… 1999… 2000… 2001… 2002… 2003… 2004… 2005… 2006… 2007… 2008… 2009… 2010… 2011… 2012… 2013… 2014… 2015… 2016… 2017… 2018… 2019… 2020…
High & Low volatility
JAPAN JORDAN

JAPAN JORDAN
KENYA KUWAIT
BHUTAN BRAZIL
CHINA__P_R___MAINLAND PAKISTAN
SAUDI_ARABIA UKRAINE
AUSTRALIA

30%
40%
50%
60%
70%
80%
90%
100%
Countries' Exchange Rates Patterns
Currencies' Exchange Rates & their high/low volatility patterns
BRAZILCHINA__P_R___MAINLAND PAKISTAN SAUDI_ARABIA UKRAINE AUSTRALIA
2020…

PERIODJAPAN/KUWAITKENYA/AUSTRALIANKUWAIT/BHUTAN
1993M01 402.6463019 24.41616736 2.15332927
1993M02 394.1901276 24.90367322 2.123051112
1993M03 384.2934378 30.50050574 2.045592002
1993M04 373.6223206 36.9267508 2.048958698
1993M05 367.1261165 43.38006741 2.08951981
1993M06 356.642102 43.46175994 2.132617679
1993M07 357.333581 44.2613544 2.117883379
1993M08 344.6053038 44.39104326 2.122458091
1993M09 351.6349633 42.90652633 2.220825489
1993M10 357.8878566 44.97333633 2.17699166
1993M11 361.0124899 46.41100167 2.121041741
1993M12 367.8336237 46.02837881 2.116692063
1994M01 373.9318036 47.25062604 2.037357218
1994M02 357.5367795 48.26772838 1.989642104
1994M03 353.3736159 47.00542295 2.00522305
1994M04 347.9977351 44.97882798 1.982880605
1994M05 348.694222 42.02723837 1.974806257
1994M06 346.0231974 41.19293974 1.962821694
1994M07 332.4638771 41.13288944 1.968718802
1994M08 335.2415716 41.11829342 1.940765649
1994M09 332.220898 38.30266319 1.935759803
1994M10 331.3999943 31.28745543 1.949303517
1994M11 338.4883584 32.79107459 1.903337351
1994M12 333.8540701 34.96981658 1.837352824
1995M01 333.5384149 34.06098756 1.866979298
1995M02 329.2406503 33.14534641 1.920119063
1995M03 307.3453109 32.47404704 1.981326531
1995M04 286.7256518 32.37615746 1.980437318
1995M05 287.2898637 37.76489512 1.985462428
1995M06 282.8610691 38.58353781 2.002839108
1995M07 290.8864424 41.13329602 1.975319454
1995M08 312.9631498 41.28358497 1.903377349
1995M09 334.3731803 41.80619033 1.857995628
1995M10 335.7417423 42.08177621 1.854281457
1995M11 339.8345733 41.42251924 1.89100141
1995M12 339.9428913 41.3807398 1.901946403
1996M01 353.6583002 42.08118777 1.90090268
1996M02 353.9450162 44.04271716 1.866840621
1996M03 354.0675367 45.06094268 1.828349788
1996M04 358.5801627 45.93115115 1.792524683
1996M05 354.8507989 46.41291094 1.769746121
1996M06 363.1807642 45.89759217 1.781918195
1996M07 365.0179498 45.23319048 1.787009873
1996M08 360.1419955 44.62307584 1.801382228
1996M09 366.1540622 44.74332747 1.778758815
In the above mentioned data as well as graphical repsentation of the given pair of
countires, it is evidant that KUWAIT/BHUTAN and KENYA/AUSTRALIAN are the pair of
countries wherein futures/SWAP/options are better as hedging strategy. However
JAPAN/KHWAIT show some abnormal trend , but it will also beneficial for Swap option.
Best pair of countries as better Hedging Staretgy
KUWAIT/BHUTAN
KENYA/AUSTRALIAN
JAPAN/KUWAIT

1996M10 374.7795403 44.22863432 1.78122708
1996M11 375.8084819 44.28426986 1.771593794
1996M12 379.5396739 44.00003191 1.767898449
1997M01 392.152491 42.64428171 1.810437236
1997M02 405.8973843 42.13271051 1.838843441
1997M03 404.1931231 43.29823067 1.788025388
1997M04 413.1709067 42.35857728 1.810634697
1997M05 393.0002279 41.67000031 1.819294781
1997M06 377.6462244 40.86283669 1.872002821
1997M07 380.5231471 42.59073629 1.899520451
1997M08 386.6564355 49.75065228 1.902849083
1997M09 396.4225287 46.14486167 1.949040903
1997M10 398.3779452 45.17497295 1.955571227
1997M11 413.2637819 44.45744844 2.028236953
1997M12 424.68925 41.74553255 2.130282087
1998M01 423.720746 40.0231642 2.155458392
1998M02 413.1036156 40.74903038 2.094668547
1998M03 421.5211181 40.27780755 2.105444288
1998M04 431.2183811 38.92475154 2.160028209
1998M05 441.5081615 39.51792094 2.23438646
1998M06 458.6457157 36.50116706 2.338519041
1998M07 458.9524558 36.68051383 2.281607898
1998M08 471.2011974 35.04772474 2.389407616
1998M09 442.4536322 35.33813865 2.395091678
1998M10 402.311652 36.99542121 2.282552891
1998M11 398.6259847 37.8154053 2.224062059
1998M12 389.7069143 38.11691082 2.280860367
1999M01 375.0026506 38.98485451 2.235952045
1999M02 384.6350221 40.01510245 2.20403385
1999M03 393.2652921 40.32944601 2.238660085
1999M04 392.5749563 42.1365168 2.197531735
1999M05 399.501024 45.56748131 2.130141044
1999M06 394.7492286 48.27860788 2.150324401
1999M07 390.8881888 48.08226116 2.14425952
1999M08 372.2184841 48.01963011 2.185698166
1999M09 353.9106632 49.09899506 2.17403385
1999M10 349.9919085 49.23429733 2.164922426
1999M11 345.3295167 47.83004931 2.205401975
1999M12 337.5377626 47.35559896 2.202327221
2000M01 345.5455119 46.48204656 2.14471086
2000M02 357.087621 46.06378026 2.241918195
2000M03 348.271223 45.37399871 2.313653032
2000M04 344.2150055 44.45731128 2.35922426
2000M05 351.3490676 43.93939744 2.438603667
2000M06 346.846288 46.03767536 2.375726375
2000M07 351.7447547 44.98080818 2.395825106
2000M08 351.1464331 44.44206096 2.426191819

2000M09 346.5343963 43.29409745 2.547489422
2000M10 352.8475001 41.81678125 2.673244006
2000M11 353.822784 41.18439676 2.700606488
2000M12 366.3142242 43.11006226 2.575923836
2001M01 383.0798775 43.67802807 2.538307475
2001M02 378.8530001 41.85627173 2.636812412
2001M03 393.9155024 39.25129613 2.793921016
2001M04 402.8705472 38.82584866 2.815345557
2001M05 396.3888401 40.837233 2.712609309
2001M06 396.6313394 40.73411465 2.7222567
2001M07 405.3220326 40.30975167 2.764851904
2001M08 397.726913 41.41286459 2.68764457
2001M09 390.0674728 39.96676437 2.786022567
2001M10 397.2569662 39.86637587 2.793765867
2001M11 398.7744123 40.80984696 2.729320378
2001M12 414.1871931 40.45245635 2.743913105
2002M01 431.4390003 40.61141712 2.7296833
2002M02 433.9348758 40.14580715 2.749153738
2002M03 426.936518 40.9546046 2.688180536
2002M04 427.3615314 41.90565674 2.634499295
2002M05 414.5396285 43.05234572 2.565669958
2002M06 407.172911 44.80531538 2.476248237
2002M07 392.0250982 43.68182095 2.544273625
2002M08 394.2806954 42.72082181 2.601833568
2002M09 398.6888316 43.10851098 2.578434415
2002M10 409.7847577 43.60138515 2.566008463
2002M11 406.7982274 44.64654456 2.513568406
2002M12 406.6326565 44.79168075 2.504428773
2003M01 396.7812677 45.25431624 2.422214386
2003M02 398.5117968 45.64902275 2.374188999
2003M03 395.4644025 46.11800295 2.342143865
2003M04 399.4461951 46.15136856 2.312143865
2003M05 392.8132103 46.32953979 2.179985896
2003M06 395.2617436 48.97710664 2.123046544
2003M07 395.7607666 49.47924114 2.130719323
2003M08 396.5245973 49.45035773 2.166558533
2003M09 387.2227062 51.52700888 2.132454161
2003M10 372.7233611 53.91845398 2.033342736
2003M11 370.5469495 54.92902801 1.970423131
2003M12 366.2555141 56.1347777 1.910056417
2004M01 361.4251781 58.66596437 1.83425952
2004M02 361.5487615 59.40932634 1.813568406
2004M03 368.5885307 57.92962541 1.88112835
2004M04 363.9439769 58.1052922 1.891170663
2004M05 381.8179844 55.90142077 1.999351199
2004M06 371.4517136 55.02738499 2.031833568
2004M07 371.1021717 57.30430048 1.968815233

2004M08 374.4655582 57.37774003 1.986826516
2004M09 373.2897862 56.61339057 2.011029619
2004M10 369.6097727 59.50622531 1.924668547
2004M11 355.9450288 62.43661942 1.834400564
2004M12 352.3454021 61.24716936 1.837094499
2005M01 355.9726027 59.71248746 1.842073343
2005M02 359.1816781 60.06894358 1.806530324
2005M03 360.6600342 58.70340163 1.797249647
2005M04 367.6695205 58.83667425 1.82538787
2005M05 366.1391438 58.53383084 1.840860367
2005M06 372.0267808 58.78571264 1.839788434
2005M07 383.3390411 57.36166111 1.874471086
2005M08 379.1840411 57.70745482 1.852849083
2005M09 380.3339041 56.70985556 1.84303244
2005M10 393.2089041 55.59719558 1.869901269
2005M11 405.5034247 56.37342518 1.869901269
2005M12 406.2964726 54.23788168 1.901114245
2006M01 395.3839384 54.09720533 1.882792124
2006M02 403.7174658 53.25211593 1.901791255
2006M03 401.7528082 52.60277487 1.938081805
2006M04 401.0462329 52.41165929 1.918831693
2006M05 384.6751871 54.77917042 1.847757405
2006M06 396.1182818 54.35373954 1.904809591
2006M07 400.0553365 55.34827684 1.876995769
2006M08 400.7761984 55.59659305 1.84864598
2006M09 404.6776648 55.13226432 1.864118477
2006M10 410.3811994 54.47637907 1.871622003
2006M11 405.8483779 54.92169748 1.826657264
2006M12 405.0978765 54.73500565 1.794174894
2007M01 417.0243481 54.78850602 1.798942172
2007M02 416.567476 54.46253256 1.802976023
2007M03 405.6018192 54.85970357 1.781438646
2007M04 411.1157225 56.58882746 1.709308886
2007M05 418.1921405 55.45971556 1.708758815
2007M06 425.6686107 56.04478868 1.675317348
2007M07 424.6288688 58.18462579 1.625825106
2007M08 414.2625287 55.53251493 1.700423131
2007M09 409.6498058 56.64587454 1.668744711
2007M10 415.2227913 60.09440324 1.568758815
2007M11 403.5109553 58.82458614 1.570256979
2007M12 409.6035044 55.24283283 1.616152698
2008M01 394.1962185 60.02309937 1.599763385
2008M02 392.0353506 64.37121648 1.544724965
2008M03 374.9461984 60.04994913 1.524823695
2008M04 385.6564409 57.93891567 1.515627645
2008M05 391.1421222 58.74425844 1.484112676
2008M06 402.9200415 60.6417875 1.481338028

2008M07 402.6525387 64.20066799 1.46328169
2008M08 409.4216856 61.66967361 1.54571831
2008M09 399.6555597 58.59282051 1.716549296
2008M10 374.9318585 53.1552708 2.031253521
2008M11 356.5732698 51.26120396 2.148070423
2008M12 331.6702877 52.26744536 2.102943662
2009M01 318.3219553 53.51518091 2.077862416
2009M02 318.5944347 51.61616295 2.170135828
2009M03 336.4111506 53.34006636 2.119274707
2009M04 339.7453826 56.70416105 1.977895934
2009M05 332.7208205 59.3730699 1.846998513
2009M06 335.4815583 62.46188591 1.755436707
2009M07 328.8598651 61.67943115 1.752587362
2009M08 330.1979286 63.70167167 1.688548785
2009M09 319.204232 65.09984727 1.63562401
2009M10 315.6329545 68.257728 1.552525027
2009M11 312.4918805 68.77703138 1.53056338
2009M12 313.3419133 67.95652678 1.563344121
2010M01 317.9896921 69.24066129 1.541673301
2010M02 313.4367479 68.0034971 1.589189191
2010M03 313.9432932 70.17911863 1.544338028
2010M04 324.1349912 71.48210865 1.522098592
2010M05 316.3775211 68.44256759 1.616241503
2010M06 311.8322607 69.07075874 1.652112676
2010M07 303.7380346 71.19251617 1.610985915
2010M08 297.3624674 72.39672397 1.564929577
2010M09 294.6279343 75.71588995 1.505070423
2010M10 290.293893 79.13520933 1.436478873
2010M11 293.7993504 79.67125458 1.422394366
2010M12 296.6899311 79.93055556 1.41971831
2011M01 294.7869683 80.64291401 1.415211268
2011M02 295.9526941 82.16843167 1.396478873
2011M03 294.7729566 85.05201495 1.394507042
2011M04 301.8287825 88.80067746 1.33056338
2011M05 295.3243664 91.31038906 1.317746479
2011M06 293.545355 94.41647682 1.328396689
2011M07 290.036049 96.78248714 1.308291635
2011M08 283.5527993 97.47872676 1.340704225
2011M09 279.467525 98.65874885 1.375633803
2011M10 278.9012369 102.4678794 1.391985504
2011M11 281.1923693 94.6358218 1.394225352
2011M12 280.542719 87.71255061 1.391549296
2012M01 276.4055143 89.64801163 1.356478873
2012M02 282.476796 89.21530314 1.313170784
2012M03 296.2996206 87.40115973 1.335915493
2012M04 293.1589119 86.03272114 1.361912218
2012M05 285.7743589 84.33489783 1.409203941

2012M06 283.2110115 84.62042 1.411273251
2012M07 281.0282868 86.60224236 1.368406164
2012M08 279.1407084 88.01896522 1.345420671
2012M09 278.0805591 87.94913365 1.354976555
2012M10 281.084693 87.65996961 1.36747982
2012M11 286.6438417 89.14277614 1.352949045
2012M12 297.1678623 89.986529 1.346210888
2013M01 316.6193182 91.20495043 1.341970645
2013M02 330.3762805 90.241404 1.364883619
2013M03 333.2926197 88.6786642 1.363047589
2013M04 343.2870696 87.41409432 1.356502812
2013M05 354.0525394 83.47533652 1.41983407
2013M06 342.3535389 80.6675091 1.492651156
2013M07 349.6338111 79.66950261 1.535569122
2013M08 344.6797915 79.11132009 1.557619718
2013M09 349.8227395 81.09774929 1.518077593
2013M10 346.606353 81.20588266 1.479633318
2013M11 352.5571271 80.3395 1.509439387
2013M12 366.2362949 77.52874214 1.567978235
2014M01 367.7633576 76.39892717 1.589322517
2014M02 361.9915364 77.3595108 1.570862141
2014M03 363.5063089 78.45590271 1.552679877
2014M04 364.5773428 80.76573904 1.512285364
2014M05 361.8717504 81.37155827 1.51296938
2014M06 361.9550043 82.0601151 1.50370696
2014M07 364.2301731 82.433584 1.499628092
2014M08 362.9177154 81.97250914 1.513905001
2014M09 374.1739747 80.50478891 1.554277233
2014M10 374.1736968 78.38312361 1.603356061
2014M11 399.7537825 77.8185486 1.628200829
2014M12 408.4985811 74.5520513 1.708608676
2015M01 402.2668876 73.645296 1.74724067
2015M02 401.4711164 71.26933765 1.808058826
2015M03 402.877672 70.91771386 1.821790016
2015M04 396.7428257 72.19004509 1.823044073
2015M05 399.7567853 76.170132 1.782333309
2015M06 409.5817434 75.44616045 1.823891805
2015M07 407.2409653 75.12208 1.897381053
2015M08 407.4794606 74.70261473 1.931225649
2015M09 398.2635794 74.31163764 1.99521381
2015M10 397.3275785 74.02495909 1.955564247
2015M11 403.3584012 73.09971586 1.968563171
2015M12 401.6333608 74.07619809 1.942993582
2016M01 389.9136273 71.913699 2.003771097
2016M02 383.8517794 72.65521862 1.975954144
2016M03 375.5354424 75.95467474 1.88196003
2016M04 364.6213391 77.55442159 1.83841826

2016M05 361.6994494 73.75771105 1.923503827
2016M06 350.0535003 74.82111477 1.904071988
2016M07 344.0921987 76.25999295 1.871470273
2016M08 335.8893207 77.32424317 1.84716953
2016M09 338.0641026 76.91226341 1.854500134
2016M10 343.1864349 77.17267119 1.84915493
2016M11 354.4928164 76.6755625 1.869042163
2016M12 379.3640143 75.03676791 1.916994487
2017M01 375.6399382 77.26451136 1.89125328
2017M02 370.6151823 79.46129335 1.83701806
2017M03 370.3548016 78.40792109 1.847506641
2017M04 361.0833616 77.90631835 1.867996531
2017M05 369.2242997 76.75988351 1.894728708
2017M06 365.5845055 78.21638941 1.863567858
2017M07 371.2045479 80.95191868 1.807316948
2017M08 364.2412935 81.99495302 1.778805807
2017M09 367.3872118 82.20971924 1.76669423
2017M10 373.8925116 80.54452163 1.80790797
2017M11 373.7574857 78.97305291 1.847148465
2017M12 374.1195565 78.81685439 1.842304685
2018M01 368.3827411 81.74972173 1.773154891
2018M02 359.9017882 79.90031122 1.78744204
2018M03 353.6886092 78.57407238 1.813678243
2018M04 358.399073 77.4466291 1.829719557
2018M05 363.507929 75.76808304 1.871219577
2018M06 363.9498074 75.69132725 1.879450362
2018M07 368.2008576 74.55458884 1.901851496
2018M08 366.5726014 73.70663435 1.922596778
2018M09 369.8468276 72.63012599 1.955380371
2018M10 371.7569319 71.79218318 1.982946301
2018M11 373.2175774 74.17039561 1.94368989
2018M12 370.5956143 73.50958381 1.959920856
2019M01 359.4106571 72.57289458 1.971489261
2019M02 363.6651686 71.60695131 1.971515543
2019M03 366.3313934 71.06418489 1.989109719
2019M04 367.1483818 71.91088146 1.979478022
2019M05 361.4474066 70.28872045 2.026864771
2019M06 356.127916 70.6627031 2.026864771
2019M07 356.4323211 72.07635748 2.015803549
2019M08 349.8391797 69.95089417 2.079888106
2019M09 353.8014343 70.66766036 2.068802663
2019M10 356.0670926 70.45049956 2.072511721
2019M11 358.3967789 69.92335408 2.062368984
2019M12 359.8521931 69.80126953 2.048089552
2020M01 360.149314 69.45295283 2.050047117
2020M02 361.057264 67.26593359 2.110496968
2020M03 349.2649755 64.62211316 2.261035988

2020M04 349.3410206 67.01651182 2.236399254
2020M05 347.4353698 69.44130788 2.163661187
2020M06 349.507149 73.33368421 2.043588179
2020M07 347.5745582 75.39212725 2.003919841
2020M08 346.9149737 77.85104916 1.956398911
2020M09 345.6057406 78.46413148 1.945948107
2020M10 344.0456129 77.43056896 1.976112563
2020M11 341.7446011 #DIV/0! 1.938755812

In the above mentioned data as well as graphical repsentation of the given pair of
countires, it is evidant that KUWAIT/BHUTAN and KENYA/AUSTRALIAN are the pair of
countries wherein futures/SWAP/options are better as hedging strategy. However
JAPAN/KHWAIT show some abnormal trend , but it will also beneficial for Swap option.
0
100
200
300
400
500
600
1993M01 1994M08 1996M03 1997M10 1999M05 2000M12 2002M07 2004M02 2005M09 2007M04 2008M11 2010M06 2012M01 2013M08 2015M03 2016M10 2018M05 2019M12
Period
Best pair of countries as better Hedging Staretgy
KENYA/AUSTRALIAN