Major developments:

USD is now at 81.96. USDINR opened at 81.96. Fwd premia – 1 year fwdpremia is at 2.29% p.a. 
-Indian CPI eased to 5.66%. This is 15 months low. In Feb, the reading was 6.44%. Food inflation eased to 4.79% as against 5.95% in Feb. IIP climbed 5.6% in Feb. Mfrg grew by 5.3%. Mining grew by 5.6% and Power generation climbed 8.2%.
-FOMC Minutes noted that labor market is tight and inflation is still high compared to target and hence monetary tightening is warranted. Though there was discussion on 50 bps rate hike, FOMC decided 25 bps rate hike due to banking developments. Some members felt it is necessary to wait and assess the impact of past action.
-EUR/USD is near 1.10 as US CPI moderated to 5% y/y.
RBI ref rate: 

-USDINR is at 81.96 .Prior day’s close was 82.09.
-Indian Equity indices decline mildly.

-Indian 10 year G-SEC yield is at 7.22%.
-USDINR 1 yr fwd premia is at 2.30%.USDINR @ 81.96, EUR/USD@ 1.0988, GBP/USD @ 1.2489, USD/JPY @ 133.25, EUR/INR @ 90.06, GBP/INR @ 102.37, JPY/INR @ 61.52.
Gold@2032, Brent Crude @ 87, Nifty @ 17770(-44), 10 Year G-SEC @ 7.22%.

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