FX RATES AND USDINR FWDS :
FX Rates and USD INR Forward Rate September 1, 2023
Major developments:
USD is now at 82.68. USDINR opened at 82.61. Fwd premia – 1 year fwd premia is at 1.63% p.a.
-Indian Q1 GDP climbed 7.8%, with significant improvement in private consumption and capex. Private consumption grew by 6% y/y and Gross Capital fixed formation climbed 8% y/y. Agri, Construction and services sector growth were robust. Mfrg growth showed deceleration.
-US Core PCE index climbed 0.2% m/m and grew by 4.2% y/y.
-USD employment and ISM(mfrg) data are important data events for the day.
USDINR View: USDINR has supports at 82.50. Resistance is now at 82.86.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1EUR | 100 YEN |
| 31-Aug-23 | 82.67 | 90.22 | 105.09 | 56.63 |
-USDINR is at 82.68.Prior day’s close was 82.77.
-Indian Equity indices climb.
-Indian 10 year G-SEC yield is at 7.17%.
-USDINR 1 yr fwd premia is at 1.63%.
USDINR @ 82.68, EUR/USD@ 1.0846, GBP/USD @ 1.2668, USD/JPY @ 145.51, EUR/INR @ 89.67, GBP/INR @ 104.73, JPY/INR @ 56.82.
Gold@1965, Brent Crude @ 87, Nifty @ 19312(+59), 10 Year G-SEC @ 7.17%.
Hedging:
USDINR payables can be hedged at 82.50. Eur receivables can be hedged.
GBPINR receivables can be hedged closer to 105.50/106.
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