FX RATES AND USDINR FWDS :
FX Rates and USD INR Forward Rate December 20, 2023
Major developments:
USD is now at 83.16. USDINR opened at 83.17. Fwd premia – 1 year fwd premia is at 1.72% p.a.
-Focus will be on US Core PCE index, to be released on Friday. This is the most preferred inflation gauge for Fed.
-Rupee declined to 83.22 y’day.
USDINR outlook: Rupee’s appreciation bias may continue as overseas developments and Indian macro factors favor Rupee. Exporters can hedge at around 83.25 and importers can hedge at around 82.80 zone. Fwd premia is expected to climb higher as US Yields retrace more than Indian Yields.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1 EUR | 100 YEN |
| 19-Dec-23 | 83.13 | 105.26 | 90.86 | 57.95 |
-USDINR is at 83.16.Prior day’s close was 83.18.
-Indian Equity indices climb.
-Indian 10 year G-SEC yield is at 7.17%.
-USDINR 1 yr fwd premia is at 1.72%.
USDINR @ 83.16, EUR/USD@ 1.0970, GBP/USD @ 1.2725, USD/JPY @ 143.53, EUR/INR @ 91.23, GBP/INR @ 105.82, JPY/INR @ 57.93. Gold@2040, Brent Crude @ 79, Nifty @ 21540(+87), 10 Year G-SEC @ 7.17%.
Hedging:
USDINR payables can be hedged on dips to 83.24/83.18 .
Eur receivables can be hedged now .
GBPINR receivables can be hedged now.
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