FX RATES AND USDINR FWDS :
FX Rates and USD INR Forward Rate September 20, 2023
Major developments:
USD is now at 83.23. USDINR opened at 83.16. Fwd premia – 1 year fwd premia is at 1.78% p.a.
-Fed meeting is significant. Fed may still sound hawkish.
-Oil price climb is an important worry for Inflation.
-OECD expects Global growth to be 3% in 2023.
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 |
| 18-Sep-23 | 83.21 | 103.15 | 88.75 | 56.37 |
-USDINR is at 83.23.Prior day’s close was 83.26.
-Indian Equity indices decline.
-Indian 10 year G-SEC yield is at 7.14%.
-USDINR 1 yr fwd premia is at 1.78%.
USDINR @ 83.23, EUR/USD@ 1.0669, GBP/USD @ 1.2389, USD/JPY @ 147.82, EUR/INR @ 88.88, GBP/INR @ 103.10, JPY/INR @ 56.31.
Gold@1950, Brent Crude @ 93.50, Nifty @ 19959(-174), 10 Year G-SEC @ 7.14%.
Hedging:
USDINR payables can be hedged at 82.95. Eur receivables can be hedged on rally to 89/89.50.
GBPINR receivables can be hedged closer to 104.50/105.
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