FX RATES AND USDINR FWDS :
Major developments:
USD is now at 83.24. USDINR opened at 83.23. Fwd premia – 1 year fwd premia is at 1.72% p.a.
-US retail sales is the focus event for the day.
USDINR View: RBI’S intervention keeps Rupee away fromsignificant decline. On the downside, USDINR may have strong support at 83/82.80.
Rupee’s Monthly range (hi/lo) is the lowest in last 15 months. It shows how volatility is being controlled by RBI. Implied volatility is below 3% p.a. now. It used to average 5% and spike to 8% during Rupee weakness. Expect 83-83.70 range for USDINR in Oct.
RBI rates
| Trade Date | 1 USD | 1 GBP | 1 EUR | 100 YEN |
| 16-Oct-23 | 83.26 | 101.32 | 87.7 | 55.69 |
-USDINR is at 83.24.Prior day’s close was 83.27.
-Indian Equity indices climb.
-Indian 10 year G-SEC yield is at 7.32%.
-USDINR 1 yr fwd premia is at 1.71%.
USDINR @ 83.24, EUR/USD@ 1.0545, GBP/USD @ 1.2196, USD/JPY @ 149.60, EUR/INR @ 87.75, GBP/INR @ 101.52, JPY/INR @ 55.64. Gold@1916, Brent Crude @ 89.70, Nifty @ 19831(+100), 10 Year G-SEC @ 7.32%.
Hedging:
USDINR payables can be hedged at 83.10. Eur receivables can be hedged now and on rally 88.70. GBPIN receivables can be hedged closer to 103.75.
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