1. The weakening of USD against INR , The weaker USD will result in stronger INR which will directly result in the Indian stock market becoming " Expensive " to the FII . These FII have taken huge sums of money from , USA. As the interest rates are the lowest they have been but the recent reports published by Pew Research and indicate that the USA has reached 4%, The highest it has even been in the past 13 years. They'll have to increase the interest rates to lower the otherwise the Debt Bonds the US issues to its DII and FII will become worthless and thus, crashing the US financial Institutions.
2. When the rupees become stronger than USD, due to the USD becoming weaker in the international, It becomes expensive for the FII to invest money in the Indian stock markets and causes a mass sell-off of stocks, bonds, debt, and many other financial instruments.
BUY NIFTY AUGUST PUTS.
SELL NIFTY AUGUST CALLS.