This study aims to develop a closed-form pricing formula for reverse currency linked equity option (RCLEO) on the basis of the lemma proposed by Dravid, Richardson and Sun (1993). We derive the hedging portfolio consisting of foreign stocks and foreign bonds from the pricing formula. We also provide comparative statics of RCLEO to access the effects of option parameters on the option value such as time to maturity, base currency interest rate, foreign currency interest rate, volatility of foreign stock, volatility of exchange rate and correlation coefficient. This paper finds that the correlation coefficient has a clean-cut effect on the option value and that the base currency interest rate, foreign currency interest rate have relatively determinate effects while time to maturity, volatilities of foreign stock and exchange rate have ambiguous effects.