Since in India we can only trade on nse/bse which has liquidity only in USD/INR pair. How can we trade this strategy in india legally
Could you please share the details of the strategy which you are referring to?
In general, you need to replace the instrument with USDINR, EURINR, GBPINR and JPYINR. If you want to trade EURUSD, then you need to long EURINR and short USDINR to get the EURUSD. But this will increase the slippages and the transaction costs.
You can trade the currency futures of these instruments from any SEBI registered broker. The list can be accessed from here: https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=32
Thanks