Major developments:

USD is now at 75.52. Rupee opened at 75.56. Expect 75.35-75.80 range for the day. Moody’s downgraded Indian sovereign rating to Baa3, one notch above junk grade and the outlook was maintained as negative. Slow down in growth and increase in debt/GDP were cited as reasons for the downgrade. 10 Year bond yield moved to 6.07%. However, there was no negative reaction in USD/INR pair. Equity markets are higher today morning.

-USDINR is at 75.52. Prior day’s close was 75.55.

-Indian Equity indices climb 0.55%.

-Indian 10 year G-SEC yield is at 6.07%.

-USDINR 1 yr fwd premia is at 3.84%.

USDINR @ 75.52, EUR/USD 1.1132, GBP/USD @ 1.2493, USD/JPY @ 107.72, EUR/INR @ 84.09, GBP/INR @ 94.36, JPY/INR @ 70.13.

Gold@1748, WTI Crude @ 35.65, Nifty @ 9880(+55), 10 Year G-SEC @ 6.07.