FX RATES AND USDINR FWDS :
FX Rates and USD INR Forward Rate December 8, 2023
Major developments:
USD is now at 83.38. USDINR opened at 83.37. Fwd premia – 1 year fwd premia is at 1.63% p.a.
-RBI kept repo rates unchanged at 6.5%.
-GDP for FY 24 has been revised upwards to 7%. Inflation is expected to be 5.4%.
-US Nonfarm payrolls is the important global data release for the day.
USDINR outlook: RBI has been selling USD at higher levels, but accepting modest decline. USD INR pair closed at 83.38 in Nov as against 83.26 in Oct. FII’S have been net buyers in both Equity and debt segments in FY24. Rupee can gain modestly if FII inflows surface due to MSCI rebalancing. RBI could keep Rupee in the 83.25-83.45 range for some more weeks.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1 EUR | 100 YEN |
| 7-Dec-23 | 83.36 | 104.67 | 89.73 | 56.99 |
-USDINR is at 83.38.Prior day’s close was 83.38.
-Indian Equity indices climb.
-Indian 10 year G-SEC yield is at 7.24%.
-USDINR 1 yr fwd premia is at 1.63%.
USDINR @ 83.38, EUR/USD@ 1.0784, GBP/USD @ 1.2589, USD/JPY @ 143.75, EUR/INR @ 89.91, GBP/INR @ 104.97, JPY/INR @ 57.98. Gold@2031, Brent Crude @ 75, Nifty @ 20990(+90), 10 Year G-SEC @ 7.24%.
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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