USD is now at 82.79. USDINR opened at 82.81. Fwd premia – 1 year fwdpremia is at 1.98% p.a.
Fed minutes note that higher rates are needed for a longer time than anticipated due to tight
labor market and resultant inflation.
Minutes noted that action is required till inflation trends down to 2%. It noted that easing financial conditions would make the task of combating inflation harder. It also noted that no pivot point rate could be discussed.
Markets reaction was disconnected to the hawkish message. Crude Oil declined as IMF Chief gave a gloomy picture of Global economy.
RBI ref rate:
-USDINR is at 82.79 .Prior day’s close was 82.81.
-Indian Equity indices trade flat.
-Indian 10 year G-SEC yield is at 7.32%.
-USDINR 1 yr fwd premia is at 1.98%.
USDINR @ 82.79, EUR/USD@ 1.0610, GBP/USD @ 1.2037, USD/JPY @ 132.34, EUR/INR @ 87.83, GBP/INR @ 99.66, JPY/INR @ 62.56.
Gold@1856, Brent Crude @ 79, Nifty @ 18037(-5), 10 Year G-SEC @ 7.32%.
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