Major developments:

USD is now at 78.23. USDINR opened at 78.16. Today, the pair could trade in the 78.15-78.35 Zone. 

US CPI came stronger than expected, and triggered new wave of USD rally. US Yields pushed higher.

FOMC is meeting on Wednesday and is expected to hike rate by 50 bps and indicate three successive rate hikes of 50 bps till Sept. There are fresh concerns on covid cases in China.

Global Equity and Indian Equities are in free fall. Indian CPI data and IIP are expected later today.

RBI sold USD at 78.26 to check steep fall in Rupee. Fwd premia have declined due to rising US Yields. 1 year fwd premia is at 3.41% p.a.

RBI REF RATES: 

-USDINR is at 78.26 .Prior day’s close was 77.84.

-Indian Equity indices decline more than 2.5%.

-Indian 10 year G-SEC yield is at 7.59%.

-USDINR 1 yr fwd premia is at 3.41%.

 USDINR @ 78.23, EUR/USD 1.0494, GBP/USD @ 1.2294, USD/JPY @ 134.95, EUR/INR @ 82.12, GBP/INR @ 96.20

 JPY/INR @ 58.23.

 Gold@1868, WTI Crude @ 118.70, Nifty @ 15791(-410), 10 Year G-SEC @ 7.59%

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