FX RATES AND USDINR FWDS :
Major developments:
USD is now at 83.86. USDINR opened at 83.94. Fwd premia – 1 year fwd premia is at 2.08% p.a.
-Fed minutes hint at rate cuts in next meeting.
-Fed Chairman’s speech at symposium awaited.
-Indian PMI(mfrg) climbed to 58.5 and Service PMI climbed to 61.4.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1 EURO | 100 YEN |
| 22-Aug-24 | 83.96 | 109.93 | 93.58 | 57.79 |
-USDINR is at 83.86.Prior day’s close was 83.94.
-Indian Equity indices climb.
-Indian 10 year G-SEC yield is at 6.97%.
-USDINR 1 yr fwd premia is at 2.08%.
USDINR @ 83.86, EUR/USD@ 1.1127, GBP/USD @ 1.3112, USD/JPY @ 145.59, EUR/INR @ 93.31, GBP/INR @ 109.96, JPY/INR @ 57.61. Gold@2495, Brent Crude @ 77.30, Nifty @ 24842(+34), 10 Year G-SEC @ 6.97%.
Hedging:
USDINR receivables can be hedged at 84.10.
Payables can be covered on dips to 83.70/83.65.
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