FX RATES AND USDINR FWDS

Major developments:USD is now at 77.58. USDINR opened at 77.59. Today, the pair could trade in the 77.50-77.65 Zone. 
No major developments. Focus is on US FOMC Minutes, Fed Chairman’s speech and EU/UK PMI data.
RBI Governor said y’day that RBI and Govt’s recent measures will have sobering effect on inflation. RBI will continue to raise rates as priority has shifted to inflation management from Growth.
USDINR is range bound in the last few days. Euro’s recent upward correction is providing a base for Rupee’s turnaround.
Downside break of 77.48 could trigger stop losses and help Rupee climb to 77.27/77.15 in initial leg of upward correction.
Exports can be hedged partly for 3 months on downside break of 77.48 and imports can then be waited for a move down to 77.27/77.15 for payables cover.
RBI REF RATES: 

-USDINR is at 77.58 .Prior day’s close was 77.52.
-Indian Equity indices decline marginally.-Indian 10 year G-SEC yield is at 7.36%.
-USDINR 1 yr fwd premia is at 3.82%.USDINR @ 77.58, EUR/USD 1.0664, GBP/USD @ 1.2563, USD/JPY @ 127.61, EUR/INR @ 82.74, GBP/INR @ 97.47JPY/INR @ 60.80Gold@1854, WTI Crude @ 109.60, Nifty @ 16162(-52), 10 Year G-SEC @ 7.36%.

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