FX RATES AND USDINR FWDS

Major developments:
USD is now at 74.23. USDINR opened at 74.28. Expected range: 74.15-74.28.
 
FM announced new credit guarantee to health infrastructure and other service sectors, 
 
totalling 1.1 lac Cr. Increased food subsidy and credit guarantee schemes could push the 
 
fiscal deficit even lower and increase Govt borrowings. 10 Year yield could surge but for RBI 
 
intervention through purchase of G-SEC.
 
RBI ref rates:
-USDINR is at 74.23. Prior day’s close was 74.19.
-Indian Equity indices decline marginally.
-Indian 10 year G-SEC yield is at 6.04%.
-USDINR 1 yr fwd premia is at 4.36%.
USDINR @ 74.23, EUR/USD 1.1914, GBP/USD @ 1.3869, USD/JPY @ 110.56, EUR/INR @ 88.42, GBP/INR @ 102.93
JPY/INR @ 67.13.
Gold@1776, WTI Crude @ 72.64, Nifty @ 15765(-50), 10 Year G-SEC @ 6.04%.

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