28/08/2020
Major developments:
USD is now at 73.58. USDINR opened at 73.83. Expect 73.45-73.90 range for the day. Focus is on Indian Q1 GDP. Fed’s shift in monetary policy benchmark to average inflation targeting implies that interest rates will remain low even if employment reaches full potential. There seems to be less correlation between employment and inflation due to productivity growth. This is negative for USD and positive for commodities and Equities.
-USDINR is at 73.58. Prior day’s close was 73.81.
-Indian Equity indices climb.

-Indian 10 year G-SEC yield is at 6.17%.
-USDINR 1 yr fwd premia is at 4.35%.
USDINR @ 73.58, EUR/USD 1.1870, GBP/USD @ 1.3262, USD/JPY @ 106.39, EUR/INR @ 87.32, GBP/INR @ 97.59, JPY/INR @ 69.17.
Gold@1948, WTI Crude @ 43, Nifty @ 11627(+68), 10 Year G-SEC @ 6.17.

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