FX RATES AND USDINR FWDS :
FX Rates and USD INR Forward Rate January 3, 2024
Major developments:
USD is now at 83.33. USDINR opened at 83.30. Fwd premia – 1 year fwd premia is at 1.75% p.a.
– US ISM (mfrg), FOMC Minutes, employment data and EU CPI are focus events for the week.
-USD rebounded as Yields pushed higher.
-Euro declined as PMI(mfrg) remained in deep contraction mode.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1 EURO | 100 YEN |
| 2-Jan-24 | 83.32 | 106.1 | 58.9 | 91.92 |
-USDINR is at 83.33.Prior day’s close was 83.32.
-Indian Equity indices decline.
-Indian 10 year G-SEC yield is at 7.20%.
-USDINR 1 yr fwd premia is at 1.75%.
USDINR @ 83.33, EUR/USD@ 1.0960, GBP/USD @ 1.2639, USD/JPY @ 141.94, EUR/INR @ 91.33, GBP/INR @ 105.32, JPY/INR @ 58.71. Gold@2065, Brent Crude @ 76, Nifty @ 21585(-81), 10 Year G-SEC @ 7.20%.
Hedging:
USDINR payables can be hedged on dips to 83.17/83.10 .
USD EXPORTS can be hedged at 83.35/83.40.
EUR receivables can be hedged now .
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