FX Rates and USD INR Forward Rate August 23, 2024

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FX RATES AND USDINR FWDS :

By Goodwill
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August 23, 2024

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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Risk Disclosures
on Derivatives

9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
On an average, loss makers registered net trading loss close to ₹ 50,000.
Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

Source: SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

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