FX RATES AND USDINR FWDS :
FX Rates and USD INR Forward Rate August 05, 2024
Major developments:
USD is now at 83.83. USDINR opened at 83.76. Fwd premia – 1 year fwd premia is at 2% p.a.
-US non farm payrolls was weaker than expected.
-US recession fears and unwinding of Yen carry trades have triggered massive falls in Global stocks.
-USDINR premia has climbed to 2% for 1 year as US 10 Year yield declines to 3.76%.
-Dollar declined against majors, but is climbing against Rupee.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1 EURO | 100 YEN |
| 2-Aug-24 | 83.74 | 106.64 | 90.46 | 56.15 |
-USDINR is at 83.83.Prior day’s close was 83.75.
-Indian Equity indices decline.
-Indian 10 year G-SEC yield is at 6.96%.
-USDINR 1 yr fwd premia is at 2%.
USDINR @ 83.83, EUR/USD@ 1.0902, GBP/USD @ 1.2715, USD/JPY @ 142.54, EUR/INR @ 91.38, GBP/INR @ 106.60, JPY/INR @ 58.95. Gold@2433, Brent Crude @ 76, Nifty @ 24024(-689), 10 Year G-SEC @ 6.96%.
Hedging:
USDINR receivables can be hedged at 83.90/84.10.
Payables can be covered on dips to 83.60.
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