FX RATES AND USDINR FWDS :
FX Rates and USD INR Forward Rate August 31, 2023
Major developments:
USD is now at 82.64. USDINR opened at 82.64. Fwd premia – 1 year fwd premia is at 1.61% p.a.
-Indian GDP is expected today. 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.
-USD declined overnight on softer than expected ADP report.
USDINR View: USDINR has supports at 82.50. Resistance is now at 82.86.
USDINR could trade in the 82.50-83 range this week.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1 EUR | 100 YEN |
| 30-Aug-23 | 82.77 | 104.57 | 90 | 56.60 |
-USDINR is at 82.64.Prior day’s close was 82.72.
-Indian Equity indices trade flat.
-Indian 10 year G-SEC yield is at 7.18%.
-USDINR 1 yr fwd premia is at 1.61%.
USDINR @ 82.64, EUR/USD@ 1.0920, GBP/USD @ 1.2725, USD/JPY @ 145.89, EUR/INR @ 90.25,
GBP/INR @ 105.15, JPY/INR @ 56.65.
Gold@1972, Brent Crude @ 85.25, Nifty @ 19350(+3), 10 Year G-SEC @ 7.18%.
Hedging:
USDINR payables can be hedged at 82.50. Eur receivables can be hedged.
GBPINR receivables can be hedged closer to 105.50/106.
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