Major developments:

USD spot spiked to 69.35 today as Supreme Court ordered status quo on Arcellor Mittal’s bid in Essar steel, which has 

been cleared by NCLAT. Mittal could have put in USD 7 bn for this takeover. Though there are other inflows in the 

pipeline, short covering by banks may have resulted in this spike. Fwd premia has also rallied significantly with 1 year 

premia at 4.25% (Rs 2.96).

-USDINR is at 69.32. Y’day’s close was 68.92.

-Indian Equity indices decline marginally.

-Indian 10 year G-SEC yield is at 7.37%.

-USDINR 1 yr fwd premia is at 4.32%.

USDINR @ 69.32, EUR/USD 1.1287, GBP/USD @ 1.3070, USD/JPY @ 111.77, EUR/INR @ 78.24, GBP/INR @ 90.60, JPY/INR @ 62.02

Gold@1293, WTI Crude @ 63.90, Nifty @ 11605 (+9), 10 Year G-SEC @ 7.39.