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One-month risk reversal on USD/INR, which measures the spread between the price of calls and puts, has declined to near zero this week, indicating decreased demand for calls or bullish bets. In other words, the options market has shed the bullish bias. 

The gauge peaked at a high of 0.725 in early November and has been declining ever since. A move below zero would mean the put options or bearish bets are now drawing higher prices (or demand) than calls. 

The USD/INR pair is currently seen at 73.65 versus 74.91 in early November.