Major developments:

USD is now at 78.94. USDINR opened at 78.89. Today, the pair could trade in the 78.88-79.08Zone.  1 year fwd premia is at 2.98% p.a. RBI seems to have sold USD 3.6 bn y’day to checkRupee fall. However, this had no impact. USD Index gained further as Fed Chairman and other Fed members vowed to increase rates significantly in coming meetings to make therates beyond neutral. This implies that Fed rates could go up to 3.5 to 4% before Dec.US ISM(mfrg), Consumer spending are key data events for today/tomorrow. 

RBI REF RATES: 

-USDINR is at 78.94 .Prior day’s close was 78.97.
-Indian Equity indices climb.

-Indian 10 year G-SEC yield is at 7.43%.
-USDINR 1 yr fwd premia is at 2.98%.USDINR @ 78.94, EUR/USD 1.0454, GBP/USD @ 1.2131, USD/JPY @ 136.61, EUR/INR @ 82.51, GBP/INR @ 95.75JPY/INR @ 57.80.

Gold@1815, WTI Crude @ 109.85, Nifty @ 15874(+72), 10 Year G-SEC @ 7.43%.

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