FX RATES AND USDINR FWDS

Major developments:

USDINR is trading at 69.35 . In a major development, US President said that trade talks with China is going too slow and  he would impose 25% tariff on Chinese imports worth USD 200 bn on Friday and added that he would also consider  imposing 25% tariff on additional USD 300 bn worth of Chinese products. There are reports that China is contemplating  to call off trade talks. Asian markets are down over 3% on this news. Crude also tumbled 3%.

USDINR could trade in the 68.30-70.30 zone in coming days. Key support is at 68.30 and important resistances are at  69.75 and later at 70.30. Exporters can hedge between 69.75 and 70.30. Near term imports can be covered on decline to 68.80.

-USDINR is at 69.35. Friday’s close was 69.22.

-Indian Equity indices decline.

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

-USDINR 1 yr fwd premia is at 4.32%.

USDINR @ 69.35, EUR/USD 1.1189, GBP/USD @ 1.3118, USD/JPY @ 110.76, EUR/INR @ 77.60, GBP/INR @ 90.97, JPY/INR @ 62.61.

Gold@1282, WTI Crude @ 60.55, Nifty @ 11625 (-86), 10 Year G-SEC @ 7.38.

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