FX RATES AND USDINR FWDS :
FX Rates and USD INR Forward Rate July 4, 2024
Major developments:
USD is now at 83.52. USDINR opened at 83.51. Fwd premia – 1 year fwd premia is at 1.62% p.a.
-US markets are closed today.
-Focus is on US employment data.
-Indian Equity markets continue to climb in anticipation of important economic decisions in budget.
-FOMC minutes revealed that there should be no hasty rate cuts and additional favorable data is required indicating sustainable progess in inflation moving towards 2%.
-Fed members expect economy to cool gradually.
-Euro inched higher as ECB indicated that it may not lower rates immediately.
-US ISM(services) data declined into contraction mode.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1 EURO | 100 YEN |
| 3-Jul-24 | 83.53 | 105.96 | 89.72 | 51.62 |
-USDINR is at 83.52.Prior day’s close was 83.51.
-Indian Equity indices climb.
-Indian 10 year G-SEC yield is at 6.99%.
-USDINR 1 yr fwd premia is at 1.62%.
USDINR @ 83.52, EUR/USD@ 1.0789, GBP/USD @ 1.2745, USD/JPY @ 161.40, EUR/INR @ 90.10,GBP/INR @ 106.43, JPY/INR @ 51.75. Gold@2351, Brent Crude @ 87, Nifty @ 24333(+47), 10 Year G-SEC @ 6.99%.
Hedging:
USDINR receivables can be hedged at 83.60+.
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