Major developments:

USD is now at 70.84. SBI cut rates by 15 bps after RBI’S 35 bps repo rate cut. Global markets are stabilising in Asian session. Crude declined, while Gold extended its rally. USDINR fwd  premia declined signifcantly.

-USDINR is at 70.84. Y’day’s close was 70.89.

-Indian Equity indices climb marginally.

-Indian 10 year G-SEC yield is at 6.38%.

-USDINR 1 yr fwd premia is at 4%.

USDINR @ 70.84, EUR/USD 1.1209, GBP/USD @ 1.2162, USD/JPY @ 106.18, EUR/INR @ 79.40, GBP/INR @ 86.15,  JPY/INR @ 66.70.

Gold@1500, WTI Crude @ 52.65, Nifty @ 10897 (+42), 10 Year G-SEC @ 6.38