कॉस्ट ऑफ कैरी

Cost of Carry का concept

Cost of Carry futures pricing और long-term position management का key concept है। Formula (simplified): Futures Price = Spot Price + Cost of Carry। Components: (1) Interest on borrowed funds (या lost interest on own funds)। (2) Storage costs (physical commodities के लिए)। (3) Insurance। (4) Opportunity cost। Currency में specifically: Cost of Carry ≈ Interest Rate Differential। US rate 5%, India 6.5% - carrying USD positions में 1.5% annual cost INR-rate pay करने के लिए (forward-looking)।

Currency Cost of Carry

Forex में: Forward Rate = Spot Rate × (1 + r_quote × t) / (1 + r_base × t)। जहां r_quote = quote currency rate, r_base = base currency rate। Practically: USD/INR spot 83, US 5%, India 6.5%, 1-year forward ≈ 84.2 (INR discount)। यह means: 1-year में USD/INR 84.2 पर settle होगा forward contracts में, 0.15 paise daily "carrying cost"। Carry Trade strategy इस concept पर based है - low-rate currency borrow, high-rate currency invest, differential earn करें।

Cost of Carry Trading Implications

Impact: (1) Long USD/INR futures = negative carry (short INR pay interest)। Long INR (short USD) = positive carry। (2) Position trading में carry consideration important है - months-long holds पर costs accumulate। (3) Rollover costs हर expiry पर। (4) Interest rate changes carry को immediately affect करती हैं। (5) India high interest rates से USD/INR futures में structural cost है long holders के लिए। NSE CDS पर futures rates इन cost of carry implications को reflect करते हैं - spot और futures में basis (difference) होती है। रोलओवर, कैरी ट्रेड (Carry Trade), ब्याज दर (Interest Rate) भी पढ़ें।