Major developments:

USD is now at 75.43. Rupee opened at 75.32. Expect 75.25-75.45 range for the day.

Rupee is weaker due to steep decline in Indian Equity indices today. Higher inflation at around 6.09% could force RBI to pause rate cuts. This may have weighed on Equity market sentiments. Valuations are rich now and hence there is a great possibility of profit booking.

Expect USD/INR pair to be resisted close to 75.60.

ECB meeting is the focus event of this week.

-USDINR is at 75.43. Prior day’s close was 75.19.

-Indian Equity indices decline.

-Indian 10 year G-SEC yield is at 5.80%.

-USDINR 1 yr fwd premia is at 3.80%.

USDINR @ 75.43, EUR/USD 1.1338, GBP/USD @ 1.2548, USD/JPY @ 107.22, EUR/INR @ 85.54, GBP/INR @ 94.66 JPY/INR @ 70.35.

Gold@1799, WTI Crude @ 39.30, Nifty @ 10642(-160), 10 Year G-SEC @ 5.80.

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