FX RATES AND USDINR FWDS :
FX Rates and USD INR Forward Rate January 4, 2024
Major developments:
USD is now at 83.31. USDINR opened at 83.31. Fwd premia – 1 year fwd premia is at 1.75% p.a.
– FOMC minutes acknowledged progress in inflation taming.
-No clue on rate cut timing, in Fed minutes.
-US employment data is the focus now. ISM(mfrg) remained in contraction mode.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1 EURO | 100 YEN |
| 4-Jan-24 | 83.32 | 105.27 | 91.28 | 58.65 |
-USDINR is at 83.31.Prior day’s close was 83.28.
-Indian Equity indices climb.
-Indian 10 year G-SEC yield is at 7.21%.
-USDINR 1 yr fwd premia is at 1.75%.
USDINR @ 83.31, EUR/USD@ 1.0930, GBP/USD @ 1.2671, USD/JPY @ 143.75, EUR/INR @ 91.04, GBP/INR @ 105.56, JPY/INR @ 57.96. Gold@2045, Brent Crude @ 79, Nifty @ 21641(+126), 10 Year G-SEC @ 7.21%.
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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