FX RATES AND USDINR FWDS 

Major developments:

USD is now at 78.08. USDINR opened at 78.03. Today, the pair could trade in the 78-78.15 Zone.  

1 year fwd premia is at 3.30% p.a. As expected, US FOMC hiked rate by 75 bps to 1.5-1.75%.

Growth projection has been lowered to 1.7%. Fed rate is expected to climb to  3.4% by Dec 2022 and 3.8% by Dec 23. Fed has reworded its statement on inflation, mentioning that it is committed to bring inflation down to 2%.

So far, there is muted reaction in FX markets. Equity markets heaved a sigh of relief. Markets 

climbed on short covering. With risk of recession and inflation looming large, riskier assets 

will remain under stress.

USDINR is expected to maintain gradual weakness with RBI stemming steep fall in Rupee. 

Focus is now on BOE decision.

USDINR is at 78.08 .Prior day’s close was 78.07.

-Indian Equity indices gain marginally.

-Indian 10 year G-SEC yield is at 7.56%.

-USDINR 1 yr fwd premia is at 3.30%.

USDINR @ 78.08, EUR/USD 1.0441, GBP/USD @ 1.2147, USD/JPY @ 134.28, EUR/INR @ 81.51, GBP/INR @ 94.84 JPY/INR @ 58.15.

Gold@1832, WTI Crude @ 116, Nifty @ 15727(+33), 10 Year G-SEC @ 7.56%

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