Major developments:
RBI kept rates unchanged at 4%. GDP has been revised lower to 9.5%. Inflation is expected to be 5.1% for the full year. RBI has announced another round of G-SEC buying in Q2 to the extent of 1.2 lac cr. RBI Governor said that the central bank has actively intervened on both sides and in spot and fwds in FX market to maintain domestic objectives. FX reserves stands at USD 598.2 bn as on last Friday.
USD is now at 73. USDINR opened at 73.02. Expected range: 72.90-73.10.
US NFP is the focus event for the day. Strong US employment data could trigger rally in USD against majors and probably weaken Rupee below 73.30.
RBI ref rates:
-USDINR is at 73. Prior day’s close was 72.90.
-Indian Equity indices trade flat.
-Indian 10 year G-SEC yield is at 6.01%.
-USDINR 1 yr fwd premia is at 4.40%.
USDINR @ 73, EUR/USD 1.2112, GBP/USD @ 1.4097, USD/JPY @ 110.25, EUR/INR @ 88.41, GBP/INR @ 102.89, JPY/INR @ 66.22.
Gold@1872, WTI Crude @ 68.90, Nifty @ 15695(+5), 10 Year G-SEC @ 6.01%.
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