USDINR opened at 74.58 on Tuesday and the pair traded in the 74.58-74.80 range. Spot USDINR closed at 74.78, gain of  22  ps for USD as against prior close of 74.56. RBI reference rate was fixed at 74.70 on 25/01.

USDINR 74.70
EURINR 84.48
GBPINR 100.70
JPYINR 65.60

Benchmark Nifty climbed 128 points (0.75%). DOW declined 129 points (-0.38%). Asian markets are down today.

Euro closed at 1.1231, Pound at 1.3453, Yen at 114.61.

Commodities: Gold is now at USD 1816 and WT1Crude at USD 87.25/Brent at USD 88.60.

Interest rates: USD 10 Yr yield is at 1.85% and 3 m libor closed at 0.22%. Indian 10 yr benchmark yield closed at 6.65%.

Economic news: Fed said in a statement that it may “soon” be appropriate to raise rates, and confirmed plans to end its bond purchasing program in early March.     

“With inflation well above 2 percent and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate,” the Fed said in a statement. 

In his press conference that followed the Fed decision, Powell said there was “quite a bit of room to raise rates without hurting jobs,” This confirmed that Fed will make aggressive rate hikes. Fed’s decision ignited bull rally in USD and dragged US Equities lower.

Data highlights: – US S&P House price index climbed 18.3% y/y.

-German Ifo survey climbed to 95.7.

Thursday’s calendar: – US durables order, pending home sales and weekly jobless claims.

-US advance GDP

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