21/08/2020
Major developments:
USD is now at 74.92. USDINR opened at 74.98. Expect 74.90-75.10 range for the day. RBI minutes showed that members were concerned about rising inflation in a low growth scenario and attributed it to supply disruptions due to lockdown and floods. RBI is required to act if inflation exceeds 6% for 3 consecutive quarters. ECB refused to draw conclusions on recent strength in economic data as it feels that the extent of economic damage is severe and evenness in recovery is yet to be seen fully.
Fed minutes has indicated that at some time in future it will communicate its rate path.
USD is weaker today against majors even as Equity indices are in risk on mode. Liquidity and vaccine hopes are keeping markets buoyant.
-USDINR is at 74.92. Prior day’s close was 75.03.
-Indian Equity indices climb.

-Indian 10 year G-SEC yield is at 6.04%.
-USDINR 1 yr fwd premia is at 4.04%.
USDINR @ 74.92, EUR/USD 1.1877, GBP/USD @ 1.3241, USD/JPY @ 105.64, EUR/INR @ 88.99, GBP/INR @ 99.20, JPY/INR @ 70.92.
Gold@1957, WTI Crude @ 42.94, Nifty @ 11395(+83), 10 Year G-SEC @ 6.05.

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