FX RATES AND USDINR FORWARDS
Major developments:
USD is now at 83.85. USDINR opened at 83.86. Fwd premia – 1 year fwd premia is at 2.28% p.a.
-Fed and BOE meeting are the focus events for the week.
-Fed is expected to cut rates by 25 bps. That is a certainty.
-Possibility of 50 bps rate cut also exists.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1 EURO | 100 YEN |
| 16-Sep-24 | 83.89 | 110.4 | 93.15 | 59.88 |
-USDINR is at 83.85.Prior day’s close was 83.87.
-Indian Equity indices climb.
-Indian 10 year G-SEC yield is at 6.89%.
-USDINR 1 yr fwd premia is at 2.28%.
USDINR @ 83.85, EUR/USD@ 1.1127, GBP/USD @ 1.3206, USD/JPY @ 140.66, EUR/INR @ 93.28, GBP/INR @ 110.71, JPY/INR @ 59.61. Gold@2579, Brent Crude @ 73, Nifty @ 25424(+43), 10 Year G-SEC @ 6.89%.
Hedging:
USDINR receivables can be hedged at 84.20/84.30.
Payables can be covered on dips to 83.75/83.65.
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