ABC Fund had the following trades in Andhra Bank in the options market through Silver Man brokers. The stock exchange requires that the writer of the options maintain 10 percent of the value of the contract as margin money throughout the life of the contract. On January 3, ABC Fund introduced $200,000 as capital and converted $100,000 into INR at 42.5 on the same date.

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Date Product Strike Price Expiry Quantity Rate (INR) B/S Brokerage (INR) 23-Jan-X1 Put INR 50 16-Mar-X1 10,000 5.00 23-Feb-X1 Put INR 50 10-Mar-X1 Put 16-Mar-X1 INR 50 16-Mar-X1 16,000 4.00 16,000 3.00 SSB 540 620 320 Liquidation Method FIFO Market Rate of Underlying Stock, Andhra Bank January 31: 49.00 February 28: 44.00 March 16: 55.00 Market Rate of Andhra Bank Put Option with Strike Price $50, Expiry March 16 January 31: 2.00 February 28: 6.00 FX Rate INR/US$ January 23: 42.56 January 31: 43.56 February 23: 42.86 February 28: 44.00 March 10: 41.56 March 16: 42.00