FX RATES AND USDINR FWDS :
FX Rates and USD INR Forward Rate September 7, 2023
Major developments:
USD is now at 83.15. USDINR opened at 83.12. Fwd premia – 1 year fwd premia is at 1.66% p.a.
-Indian PMI(services) dipped to 60.1 in Aug.
-US ISM(services) was better than expected at 54.5.
-UK PMI(services) remained in contraction mode.
-Crude Oil prices stay at USD 90.
-USD Index rally continues.
USDINR View: USDINR has broken 82.95 and is close to 83.18. Expect 83.30/83.60 as possible levels for USDINR this month. On the downside, it needs to break 82.80 to move back down to 82.35.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1 EUR | 100 YEN |
| 06-Sep-23 | 83.09 | 104.43 | 89.17 | 56.45 |
-USDINR is at 83.15.Prior day’s close was 83.14.
-Indian Equity indices climb marginally.
-Indian 10 year G-SEC yield is at 7.17%.
-USDINR 1 yr fwd premia is at 1.66%.
USDINR @ 83.15, EUR/USD@ 1.0718, GBP/USD @ 1.2498, USD/JPY @ 147.56, EUR/INR @ 89.14, GBP/INR @ 103.93, JPY/INR @ 56.35.
Gold@1941, Brent Crude @ 90, Nifty @ 19635(+21), 10 Year G-SEC @ 7.17%.
Hedging:
USDINR payables can be hedged at 82.80. Eur receivables can be hedged on rally to 89.80.
GBPINR receivables can be hedged closer to 105.50/106.
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