Major developments:

Rupee at 70.55, Equities climb. Auto sales was better than expected in Feb. 

-Indian PMI(mfrg) touched 14 month high of 54.3 in Feb. PMI(services) rose to 52.5.

-China announced reduction in VAT for mfrg sector and construction to boost growth and employment.

-US Construction activity sagged in Feb.

-USDINR is at 70.55. Y’day’s close was 70.49. Expect 70.25-70.65 range for the day.

-Indian Equity indices climb.

-Indian 10 year G-SEC yield is at 7.38%.

-USDINR 1 yr fwd premia is at 4.03%.

USDINR @ 70.55, EUR/USD 1.1295, GBP/USD @ 1.3130, USD/JPY @ 111.81, EUR/INR @ 79.68, GBP/INR @ 92.63, JPY/INR @ 63.10.

Gold@1287, WTI Crude @ 56.30, Nifty @ 11030 (+21), 10 Year G-SEC @ 7.38.