Major developments:

Indian cash spot discount remains high and 1 month fwd premia continues to remain high. April fwd premia is at 48 ps as against normal rate of 26 ps. RBI has announced USD 5 bn swap to be done on April 23 rd.  RBI is expected to cut rates by 25 bps tomorrow.

Crude prices climbed as OPEC cut more than agreed production with compliance touching 135%.

IMF is expected to cut Global economic growth rate next week. Global trade growth is likely to be only 2.6% as against earlier estimate of 3%.

Brexit uncertainity continues.

-USDINR is at 68.60. Y’day’s close was 68.74.

-Indian Equity indices climb marginally.

-Indian 10 year G-SEC yield is at 7.26%.

-USDINR 1 yr fwd premia is at 3.95%.

USDINR @ 68.57, EUR/USD 1.1221, GBP/USD @ 1.3141, USD/JPY @ 111.39, EUR/INR @ 76.94, GBP/INR @ 90.10, JPY/INR @ 61.55.

Gold@1293, WTI Crude @ 62.85, Nifty @ 11750 (+39), 10 Year G-SEC @ 7.26.