Major developments:

USD is now at 70.86. Rupee opened at 70.88 . Expect 70.70-71.15 range for the day.

RBI policy is expected shortly. RBI may cut rates by 25 bps.GDP projection may be downgraded. US ISM(non mfrg) data was weaker than expected.

-USDINR is at 70.86. Y’day’s close was 70.89.

-Indian Equity indices climb marginally.

-Indian 10 year G-SEC yield is at 6.62%.

-USDINR 1 yr fwd premia is at 4.29%.

USDINR @ 70.86, EUR/USD 1.0974, GBP/USD @ 1.2336, USD/JPY @ 106.81, EUR/INR @ 77.76, GBP/INR @ 87.41, JPY/INR @ 66.34.

Gold@1508, WTI Crude @ 52.90, Nifty @ 11361 (+46), 10 Year G-SEC @ 6.62.