FX RATES AND USDINR FWDS :
FX Rates and USD INR Forward Rate September 25, 2023
Major developments:
USD is now at 83.12. USDINR opened at 83.03. Fwd premia – 1 year fwd premia is at 1.79% p.a.
-Rupee declined on month end demand to 83.14.
-Equity markets remain in declining mode.
USDINR View: RBI’S intervention keeps Rupee away from significant decline.
Expect 83.30/83.60 as possible levels for USDINR this month. On the downside, USDINR may have strong support at 82.80/82.65.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1 EUR | 100 YEN |
| 22-Sep-23 | 82.95 | 101.87 | 88.34 | 55.99 |
-USDINR is at 83.12.Prior day’s close was 82.93.
-Indian Equity indices decline.
-Indian 10 year G-SEC yield is at 7.12%.
-USDINR 1 yr fwd premia is at 1.78%.
USDINR @ 83.12, EUR/USD@ 1.0649, GBP/USD @ 1.2240, USD/JPY @ 148.39, EUR/INR @ 88.18, GBP/INR @ 101.73, JPY/INR @ 56.01.
Gold@1923, Brent Crude @ 92.20., Nifty @ 19642(-31), 10 Year G-SEC @ 7.12%.
Hedging:
USDINR payables can be hedged at 82.80/82.65. Eur receivables can be hedged on rally to 89/89.50. GBPINR receivables can be hedged closer to 103.50/104.50.
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