Major developments:

USD is now at 77.39. USDINR opened at 77.11. Today, the pair could trade in the 77.10-77.45 Zone. 

RBI’S ability to defend Rupee is diminishing due to fall in FX reserves.

It has declined USD 45 bn in last 8 weeks. Considering, the overall strength of USD against all major currencies, RBI may stand aside, atleast temporarily and pave way for Rupee’s new level. 

US and Indian Inflation data are key events for this week. If US inflation softens and Rupee inflation hardens, Rupee may correct and retrace its losses partially. New support levels are 76.70/76.78/76.55.

-USDINR is at 77.39. .Prior day’s close was 76.92.

-Indian Equity indices decline.

-Indian 10 year G-SEC yield is at 7.45%.

-USDINR 1 yr fwd premia is at 4.04%.

 USDINR @ 77.39, EUR/USD 1.0508, GBP/USD @ 1.2278, USD/JPY @ 131.10, EUR/INR @ 81.30, GBP/INR @ 95.03 JPY/INR @ 59.01

 Gold@1872, WTI Crude @ 109.85, Nifty @ 16249(-163), 10 Year G-SEC @ 7.45%.

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