FX RATES AND USDINR FWDS :
FX Rates and USD INR Forward Rate September 13, 2023
Major developments:
USD is now at 82.93. USDINR opened at 82.92. Fwd premia – 1 year fwd premia is at 1.72% p.a.
-Indian CPI dipped to 6.83% in Aug from 7.44% in July.
-IIP climbed 5.7% in July vs 3.8% in June.
-Brent crude climbs to USD 92 as OPEC report highlighted robust demand and tight supply.
-US CPI is the key data release for the day.
USDINR View: Expect 83.30/83.60 as possible levels for USDINR this month. On the downside, it needs to break 82.80 to move back down to 82.55.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1 EUR | 100 YEN |
| 12-Sep-23 | 82.97 | 103.78 | 89.05 | 56.49 |
| 11-Sep-23 | 82.88 | 103.74 | 88.95 | 56.73 |
| 8-Sep-23 | 83.16 | 103.93 | 89.15 | 56.5 |
-USDINR is at 82.93.Prior day’s close was 82.92.
-Indian Equity indices climb marginally.
-Indian 10 year G-SEC yield is at 7.18%.
-USDINR 1 yr fwd premia is at 1.72%.
USDINR @ 82.93, EUR/USD@ 1.0744, GBP/USD @ 1.2489, USD/JPY @ 147.38, EUR/INR @ 89.10, GBP/INR @ 103.55, JPY/INR @ 56.27.
Gold@1932, Brent Crude @ 92.35, Nifty @ 20008(+11), 10 Year G-SEC @ 7.18%.
Hedging:
USDINR payables can be hedged at 82.80. Eur receivables can be hedged on rally to 89.80.
GBPINR receivables can be hedged closer to 105.50/106.
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