FX RATES AND USDINR FWDS :
FX Rates and USD INR Forward Rate November 03, 2023
Major developments:
USD is now at 83.25. USDINR opened at 83.21. Fwd premia – 1 year fwd premia is at 1.61% p.a.
-BOE kept rates steady.
-US ISM (non mfrg) and employment data are important data releases for the day.
-Global risk sentiment improved as Fed indicated possibility of rate hiking cycle.
-US tech company results have also supported US and Global markets.
-USDINR pair range has been compressed by RBI selling at higher levels.
-Domestic liquidity has improved due to Govt spending and G-SEC redemptions.
-Indian Equity indices have opened gap up, taking cues from Overseas markets.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1 EUR | 100 YEN |
| 2-Nov-23 | 83.26 | 101.4 | 88.24 | 55.36 |
-USDINR is at 83.25.Prior day’s close was 83.36.
-Indian Equity indices climb.
-Indian 10 year G-SEC yield is at 7.31%.
-USDINR 1 yr fwd premia is at 1.61%.
USDINR @ 83.25, EUR/USD@ 1.0627, GBP/USD @ 1.2201, USD/JPY @ 150.28, EUR/INR @ 88.47, GBP/INR @ 101.57, JPY/INR @ 55.40. Gold@1986, Brent Crude @ 87, Nifty @ 19257(+125), 10 Year G-SEC @ 7.31%.
Hedging:
USDINR payables can be hedged on dipes to 83.10 . Eur receivables can be hedged now and on rally 88.70.
GBPINR receivables can be hedged closer to 102.40/103.50.
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