Major developments:

USD is now at 71.62. Rupee opened at 71.66. Expect 71.50-71.75 range for the day. 

RBI meeting is the focus event for this week. RBI is expected to cut rates by 25 bps due to 6 Year low in GDP. GDP hit 4.5% for Q 2 due to weakness in manufacturing. Trade tensions resurfaced with US reimposing duty on Brazil steel and Aluminium exports. OPEC meeting is another significant event for the week. US ISM (mfrg) data was in contraction mode.

-USDINR is at 71.67. Y’day’s close was 71.66.

-Indian Equity indices decline marginally.

-Indian 10 year G-SEC yield is at 6.49%.

-USDINR 1 yr fwd premia is at 3.76%.

USDINR @ 71.62, EUR/USD 1.1077, GBP/USD @ 1.2938, USD/JPY @ 109.20, EUR/INR @ 79.33, GBP/INR @ 92.66, JPY/INR @ 65.58.

Gold@1461, WTI Crude @ 56.20, Nifty @ 12014(-33), 10 Year G-SEC @ 6.49.