Indeed if the forwards do move as envisaged, it would be on the back of a stronger Rupee in the short term. When the market is as comatose as it is now, it is extremely dangerous to forecast future movements. However since that is part of our job, here goes. But in the immediate term, we would rather bet on 39.00 than on 40.00. Don't get mixed up Forecasting and Hedging are two different disciplines.
Forecasting is based on assumptions.
Hedging recognises that the assumptions themselves may prove to be unfounded. Forecasting has no goal other than itself, whereas Hedging is the means to achieve an objective, which is to be determined based on your exposures and business philosophy. There can be a common forecast for all but there cannot be a hedge designed to fit universally. That is why we avoid giving hedging advice here. We'd love to talk to you about trading and hedging.