FX RATES AND USDINR FWDS :
FX Rates and USD INR Forward Rate September 26, 2023
Major developments:
USD is now at 83.12. USDINR opened at 83.19. Fwd premia – 1 year fwd premia is at 1.81% p.a.
-Rupee declined on month end demand to 83.24.
-Equity markets remain edgy.
-US GDP and Core PCE index are key events for the week.
USDINR View: RBI’S intervention keeps Rupee away from significant decline.
Expect 83.30/83.60 as possible levels for USDINR this month. On the downside, USDINR may have strong support at 82.80/82.65.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1 EUR | 100 YEN |
| 25-Sep-23 | 83.1 | 101.7 | 88.45 | 56.01 |
-USDINR is at 83.21.Prior day’s close was 83.13.
-Indian Equity indices trade flat.
-Indian 10 year G-SEC yield is at 7.16%.
-USDINR 1 yr fwd premia is at 1.80%.
USDINR @ 83.21, EUR/USD@ 1.0585, GBP/USD @ 1.22, USD/JPY @ 148.92, EUR/INR @ 88.09, GBP/INR @ 101.52, JPY/INR @ 55.89.
Gold@1914, Brent Crude @ 91.55., Nifty @ 19684(+10), 10 Year G-SEC @ 7.16%.
Hedging:
USDINR payables can be hedged at 82.80/82.65. Eur receivables can be hedged on rally to 89/89.50.
GBPINR receivables can be hedged closer to 103.50/104.50.
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