Major developments:

USD is now at 76. USDINR opened at 76.13. Today, the pair could trade in the 76-76.20 Zone. 

Fed hiked rates by 50 bps and announced a schedule to reduce balance sheet.

As per the plan, it expects to remove USD 3 trn every year and aims to shrink its balance sheet by USD 9trn over 3 years.

Fed Chairman said that the economy is strong to withstand rate hikes. 

Markets were relieved to see that Fed did not sound too hawkish over future pace of rate hikes.

USDINR fwd premia shot up by 40 bps, in tandem with repo rate hike. 1 Year fwd premia expanded to 4.15% annualised.

LIC IPO subscription is on expected lines. BOE rate decision is expected today.

-USDINR is at 76. .Prior day’s close was 76.42.

-Indian Equity indices gain.

-Indian 10 year G-SEC yield is at 7.39%.

-USDINR 1 yr fwd premia is at 4.15%.

USDINR @ 76, EUR/USD 1.0609, GBP/USD @ 1.2546, USD/JPY @ 129.35, EUR/INR @ 80.63, GBP/INR @ 95.34 JPY/INR @ 58.76

Gold@1900, WTI Crude @ 108.20, Nifty @ 16906(+229), 10 Year G-SEC @ 7.39%.

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