Major developments:
USD is now at 82.67. USDINR opened at 82.73. Fwd premia – 1 year fwdpremia is at 2.34% p.a.
-Rupee recovers from 82.80.
-ECB meeting is in focus today. Euro declined, anticipating ECB’S rate pause considering banking crisis in US and Europe.
-Credit Suisse managed to avert crisis by raising liquidity from Swiss national bank.
USDINR may face steep resistance in the 82.70-82.90 zone. If risk sentiment returns, Rupee could gain. RBI’S action on either side may keep the pair in the 81-83 zone. Exports can be hedged if spot+ fwd premia nears 82.95.
RBI ref rate:
-USDINR is at 82.67 .Prior day’s close was 82.60.
-Indian Equity indices recover after early fall.
-Indian 10 year G-SEC yield is at 7.33%.
-USDINR 1 yr fwd premia is at 2.34%.
USDINR @ 82.67, EUR/USD@ 1.0610, GBP/USD @ 1.2083, USD/JPY @ 132.98, EUR/INR @ 87.73, GBP/INR @ 99.91, JPY/INR @ 62.18.
Gold@1920, Brent Crude @ 74.60, Nifty @ 17027(+55), 10 Year G-SEC @ 7.33%.
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