FX RATES AND USDINR FWDS :
FX Rates and USD INR Forward Rate August 28, 2023
Major developments:
USD is now at 82.60. USDINR opened at 82.57. Fwd premia – 1 year fwd premia is at 1.63% p.a.
-Indian GDP is expected to be released on Aug 31. GDP may have climbed 7.5% in Q1 on y/y basis.
-US NFP, Core PCE index are other key data events for the week.
USDINR View: USDINR has supports at 82.35/82.25. Resistance is now at 82.70/82.86. USDINR
could trade in the 82.35-83 range this week.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1 EUR | 100 YEN |
| 25-Aug-23 | 82.65 | 103.93 | 89.16 | 56.58 |
-USDINR is at 82.60.Prior day’s close was 82.65.
-Indian Equity indices climb marginally.
-Indian 10 year G-SEC yield is at 7.18%.
-USDINR 1 yr fwd premia is at 1.63%.
USDINR @ 82.60, EUR/USD@ 1.0809, GBP/USD @ 1.26, USD/JPY @ 146.48, EUR/INR @ 89.31, GBP/INR @ 104.08, JPY/INR @ 56.40.
Gold@1942, Brent Crude @ 83.75, Nifty @ 19280(+16), 10 Year G-SEC @ 7.18%.
Hedging: USDINR payables can be hedged at 82.35/82.25. Eur receivables can be hedged closer to 90.10+. GBPINR
receivables can be hedged closer to 105.
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