• By Goodwill
  • 343 Comments
  • August 24, 2023

FX RATES AND USDINR FWDS :

Major developments:

USD is now at 82.42. USDINR opened at 82.47. Fwd premia – 1 year fwd premia is at 1.66% p.a
 
 -Rupee gained due to 1) IPO and Qatar investment inflows for Reliance retail investment, 2) RBI’S instruction to Indian banks to avoid taking arbitrage positions between Indian OTC and Overseas NDF market. This has led to foreign banks selling USD to square-off positions.
 
-Indian Equity indices climb higher.
 
-US, EU and UK PMI(composite) data shows economic deterioration.
 
USDINR View: USDINR has supports at 82.35/82.25. Resistance is now at 82.70/82.86.
 
RBI rates
 
-USDINR is at 82.42.Prior day’s close was 82.73.
 
-Indian Equity indices climb.
 
-Indian 10 year G-SEC yield is at 7.18%.
 
-USDINR 1 yr fwd premia is at 1.66%.
 
USDINR @ 82.42, EUR/USD@ 1.0867, GBP/USD @ 1.2718, USD/JPY @ 145.18, EUR/INR @ 89.55, GBP/INR @ 104.82, JPY/INR @ 56.78. Gold@1950, Brent Crude @ 83, Nifty @ 19563(+118), 10 Year G-SEC @ 7.18%.
 
Hedging: USDINR paybles can be hedged at 82.35/82.25. EURINR payables can be hedged till 89 is not broken on the downside. Eur receivables can be hedged closer to 90.10+. GBPINR receivables can be hedged closer to 106.
 
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