What is a good strategy for one may not remain so if everybody adopts the same strategy. After all, a forward contract in essence shifts the demand from one point in time to another. If everyone adopted hedging strategy in anticipation of Rupee decline at a future point of time, the Rupee decline will happen now and here.
We have witnessed time and again that, after an asset inflation has developed into a major bubble, it is impossible to “soft land” the market.