Major developments:

USD is now at 82.53. USDINR opened at 82.51. Fwd premia – 1 year fwdpremia is at 2.43% p.a. 
-Rupee trades steady, ahead of Fed meeting on Wednesday.
-Markets are nervous over banking crisis. Credit Suisse has been bought by UBS.
-Fed meeting is key event for the week. BOE meeting also is significant.
-Last week, ECB raised rates by 50 bps, but kept communication open for interpretation.
-Fed may raise rates by 25 bps and indicate that they will keep a close watch on both inflation
and banking developments. Fed’s assurance and communication will be key to FX and asset
markets.

RBI ref rate: 

-USDINR is at 82.54 .Prior day’s close was 82.55.
-Indian Equity indices decline.

-Indian 10 year G-SEC yield is at 7.33%.
-USDINR 1 yr fwd premia is at 2.43%.

USDINR @ 82.54, EUR/USD@ 1.0671, GBP/USD @ 1.2182, USD/JPY @ 131.81, EUR/INR @ 88.07, GBP/INR @ 100.53, JPY/INR @ 62.13.
Gold@1980, Brent Crude @ 72.30, Nifty @ 16892(-204), 10 Year G-SEC @ 7.33%.

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