Major developments:USD is now at 79.85. USDINR opened at 79.82. Today, the pair could trade in the 79.80-79.94Zone.  1 year fwd premia is at 2.95% p.a. Indian trade deficit widens to USD 28.68 bn, with exports flat and imports climbing 37% y/y. Imports is at US D 61.68 bn and exports is at USD 33 bn. Oil imports jumped 86.4% to USD 17.6 bn. Apr-Aug exports is at USD 192.52 bn, up 17.12% and Imports is at USD 317.8 bn, up 45.64%. In Apr-Aug period, trade deficit expanded to USD 125.22 bn from USD 53.78 bn during the same period last year. OPEC is meeting today and ECB meeting on Thursday is also a key event. EURO is down asRussia cut off gas supply as a retaliation to EU’S decision to cap Russian Oil price.

RBI REF RATES: 

-USDINR is at 79.85 .Prior day’s close was 79.80.
-Indian Equity indices climb.

-Indian 10 year G-SEC yield is at 7.20%.
-USDINR 1 yr fwd premia is at 2.95%.

USDINR @ 79.85, EUR/USD@ 0.9889, GBP/USD @ 1.1454, USD/JPY @ 140.34, EUR/INR @ 79, GBP/INR @ 91.48JPY/INR @ 57.03.Gold@1723, Brent Crude @ 95, Nifty @ 17635(+96), 10 Year G-SEC @ 7.20%.

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