FX – WEEKLY UPDATE :
WEEKLY SYNOPSIS: 18/09/2023
Currency Map:
|
Currency Pairs |
WEEK CLOSE |
PRIOR CLOSE |
% change |
|
USD/INR |
83.19 |
82.98 |
0.25 |
|
EUR/INR |
88.56 |
89.15 |
-0.66 |
|
GBP/INR |
103.29 |
103.93 |
-0.71 |
|
JPY/INR |
56.28 |
56.50 |
-0.38 |
Brent Crude closed at USD 94.45 VS prior week close of USD 90.50. Gold closed at USD 1924. Nifty closed at 20192 vs prior week close of 19819. 10 Year G-SEC Yield closed at 7.10%.
Major developments: USDINR traded in the 82.83-83.20 range last week and closed at 83.19, gain of 21 ps for USD as compared to prior week close of 82.98. EUR declined 0.66% w/w and GBP declined 0.71% w/w against Rupee. Indian benchmark Equity index climbed 1.88% w/w. 10 Year G-SEC Yield closed at 7.10%. 1-year fwd premia is at 1.75% p.a.
FX reserves stood at USD 594 bn as on Sept 8 th. In Sep, FPI’S have sold Rs 6715 Cr of Equities and bought Rs 1382 Cr of debt . In 2022-23 fiscal year, FII’S have net sold Rs 27593 Cr of Equities and have net bought Rs 838 Cr of debt.
Rupee was weighed down by external developments. Rally in USD Index and Crude Oil and decline in Yuan contributed to negative Rupee sentiment.
India’s Aug CPI inflation eased to 6.83% from July reading of 7.44%. Food inflation eased to 9.94% from 11.41%. Though inflation eased, it is still above the comfort band of 2-6%. Vegetable prices, still high, rose 26.1 per cent against a staggering 37.34 per cent rise in July, while prices of oils and fats declined by 15.3 per cent after dropping by 16.8 per cent in the previous month. Cereal prices remained in double digits and rose 11.6 per cent in August as compared with 13 per cent in July.
IIP climbed 5.7% in July vs 3.8% in June. For the first four months this fiscal, India’s industrial output is up 4.8 per cent year-on-year, down from 10.0 per cent in April-July 2022. Mfrg sector grew by 4.6%, mining climbed 10.7%. Electricity output climbed 8%, consumer durables declined by 2.7%, consumer non-durables grew by 7.4%. Construction sector grew by 11.4%.
India’s Aug trade deficit expanded to 10 month high reading of USD 24.16 bn. Exports stood at USD 34.48 bn vs USD 32.25 bn in July and imports were at 58.64 bn vs USD 52.92 bn in July.. Services exports in August were $26.39 billion, while imports were $13.86 billion. In July, services exports were $27.17 billion and imports were $14.85 billion.
For the April-August period, services and merchandise exports fell about 5% year-on-year to $306.33 billion, while imports fell about 10% to $343.81 billion.
Hedging advise: Imports be hedged on declined to 82.85. Exports be hedged gradually.
Global developments: USD strength gained further momentum on better US economic data and ECB’S dovish signal on interest rates. Euro declined to 1.0650 levels.
ECB delivered a dovish 25bps rate hike. The accompanying statement indicated that the current tightening cycle could have reached its peak already. Also, core inflation and growth forecasts for 2024 and 2025 were revised down.
ECB President cited the persistent nature of inflation being “too high for too long” as the primary motivator behind this strategy to “reinforce progress” in ushering inflation back to the target in a “timely manner”.
ECB added, “the Governing Council considers that the key ECB interest rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target”. Future decisions will “ensure” that the interest rates are set at “sufficiently restrictive levels for as long as necessary.
EU Growth is projected to be at 0.7% in 2023 (prior 0.9%), 1.0% in 2024 (prior 1.5%), and 1.5% in 2025 (prior 1.6%). In the new economic projections, inflation is forecast to be at 5.6% in 2023 (prior projection at 5.1%), 3.2% in 2024 (prior 3.0%) and 2.1% in 2025 (prior 2.3%). The upward revision for 2023 and 2024 mainly reflects a higher path for energy prices.
US headline CPI increased 0.6% in August from a month ago, which was the highest reading since June 2022. The annual inflation reading rose from 3.2% to 3.7%, a tick above expectations. CPI core slowed from 4.7% yoy to 4.3% yoy, matched expectations.
US retail sales rose by 0.6% month-on-month (m/m) in August, up from the downwardly revised 0.5% (previously 0.7%) reading in July. Sales in the retail sales “control group”, which excludes the above volatile components (autos, building materials and gas) and is used to estimate personal consumption expenditures (PCE) came in at 0.1% m/m – this was above consensus forecast which called for a -0.1% decline.
Crude prices rallied sharply , hitting their highest levels for the year after a monthly report from the Organization of Petroleum Exporting Countries (OPEC) said that oil markets will tighten further this year amid robust demand and lower production. Brent crude is trading at USD 94.
Technically, EURUSD has turned bearish with downside break of 200 day average. Rally will be met with resistance at 1.0850/1.09. GBPUSD has also broken 200 day averages and has turned bearish.
Currency technical levels: USDINR: 82.85 (Supports), 83.30/83.47 (resistance),
EURINR:89.90(Resistance),87.
GBPINR: Supports: 102( supports), Resistance:105.50(Resistance).
JPYINR: Resistance:57.75, Supports: 54.50 (support).
Hedging advise: USDINR imports be hedged at 82.80 on decline. EUR and GBP exports can be covered on rally to 89.50 and 105+ respectively.
bitchesgirlz
November 26, 2023Acts of kindness, no matter how small, contribute to a positive and loving relationship.
bitchesgirlz
November 27, 2023I’ve been exploring for a little for any high-quality articles or blog posts on this kind of area .
Exploring in Yahoo I ultimately stumbled upon this web site.
Reading this information So i’m glad to convey that I’ve a very excellent uncanny feeling I found out exactly what
I needed. I so much no doubt will make certain to don?t put out of your mind
this website and provides it a look regularly.
DavidCoams
December 18, 2023[url=https://finasteride.best/]propecia cost singapore[/url]
WilliamGrish
December 21, 2023[url=http://accutane.cfd/]order accutane on line no prescription[/url]
indian porn
December 22, 2023I have to thank you for the efforts you have put in penning this website.
I am hoping to check out the same high-grade content from you in the future as well.
In fact, your creative writing abilities has encouraged me to get my own, personal website now 😉
indian porn videos
December 22, 2023I don’t even know how I ended up here, but I thought this
post was great. I don’t know who you are but definitely you’re
going to a famous blogger if you aren’t already
😉 Cheers!
tamil porn videos
December 24, 2023Somebody necessarily assist to make significantly posts I might state.
That is the first time I frequented your website page and up to now?
I amazed with the research you made to make this actual post extraordinary.
Great activity!
free indian porn
December 24, 2023Hi, this weekend is pleasant in support of me, because this occasion i am reading
this great educational post here at my residence.
indian porn
December 26, 2023Nice post. I learn something totally new and challenging on blogs I
stumbleupon everyday. It’s always useful to read content from
other writers and practice something from their websites.
tamil porn videos
December 29, 2023I love what you guys are up too. Such clever work and coverage!
Keep up the fantastic works guys I’ve included you guys to my personal blogroll.
telugu porn videos
January 2, 2024I read this post completely concerning the difference
of newest and preceding technologies, it’s awesome article.
Miguel
January 5, 2024I think the admin of this web page is truly working hard in favor of his website, because here every stuff
is quality based data.
pozycjonowanie Amazon
January 5, 2024Dzięki naszym staraniom, Twoja strona internetowa będzie doskonale
funkcjonować na urządzeniach mobilnych, co przyczyni się would zwiększenia jej
widoczności w wynikach wyszukiwania.
DavidCoams
January 5, 2024[url=http://tadalafil.cyou/]tadalafil daily india[/url]
WilliamGrish
January 22, 2024[url=http://furosemide.cyou/]diuretic furosemide[/url]
semaglutide pill form
January 24, 2024[url=https://rybelsus.guru/]order semaglutide online[/url]
rybelsus tab 3mg
February 10, 2024[url=http://semaglutide.guru/]rybelsus weight loss[/url]
rybelsus order
February 20, 2024[url=http://rybelsus.trade/]buy wegovy online no script needed[/url]
wegovy tab 14mg
February 25, 2024[url=http://semaglutide.guru/]ozempic online[/url]
foreign online pharmacy
March 12, 2024[url=http://happyfamilystorerx.online/]happy family pharmacy[/url]
wegovy over the counter
March 18, 2024[url=http://ametformin.com/]metformin 500 mg over the counter[/url]
internet pharmacy manitoba
March 27, 2024[url=https://happyfamilymedicalstore.online/]top 10 online pharmacy in india[/url]
order prednizone
April 12, 2024[url=http://prednisonexg.online/]cheap prednisone online[/url]
tadalafil tablets 10 mg online
April 12, 2024[url=http://tadalafilstd.online/]purchase cialis cheap[/url]
cost tadalafil generic
April 13, 2024[url=http://tadalafilstd.online/]generic cialis tadalafil uk[/url]
azithromycin 2 pills
April 13, 2024[url=https://ezithromycin.online/]where can i purchase zithromax[/url]
buy tadalafil 5 mg
April 13, 2024[url=https://tadalafilstd.online/]cialis sale australia[/url]
lisinopril 10mg tabs
April 13, 2024[url=http://olisinopril.com/]lisinopril 10 mg price[/url]
canadian pharmacy in canada
April 14, 2024[url=http://pharmgf.online/]global pharmacy[/url]
offshore pharmacy no prescription
April 14, 2024[url=https://medicinesaf.online/]reddit canadian pharmacy[/url]
canadian pharmacy 24h com safe
April 14, 2024[url=http://bestmedsx.online/]legit pharmacy websites[/url]
generic semaglutide
April 14, 2024[url=https://ametformin.com/]how to buy metformin in usa[/url]
prednisone 20
April 14, 2024[url=http://predniso.online/]prednisone 16 mg[/url]
canadian pharmacy ed medications
April 14, 2024[url=https://happyfamilystorerx.online/]internet pharmacy manitoba[/url]
cost for generic valtrex
April 15, 2024[url=https://valtrexmedication.com/]valtrex without presciption[/url]
metformin 1000 mg price in canada
April 15, 2024[url=https://bestmetformin.online/]metformin 1000 mg cost[/url]
how much is a prednisone prescription
April 15, 2024[url=http://bestprednisone.online/]steroid prednisone[/url]
rx lisinopril 10mg
April 15, 2024[url=https://lisinoprilgp.com/]lisinopril india[/url]
canadian pharmacy coupon
April 16, 2024[url=http://happyfamilymedicalstore.online/]canadian pharmacy 24 com[/url]
where to buy tadalafil online
April 16, 2024[url=http://tadalafi.online/]cialis 20mg price[/url]
synthroid 125 mcg coupon
April 17, 2024[url=https://asynthroid.com/]synthroid rx discount[/url]
no prescription needed pharmacy
April 17, 2024[url=https://bestmedsx.online/]canadian pharmacy mall[/url]
synthroid brand name cost
April 17, 2024[url=http://isynthroid.com/]synthroid 50 mcg online[/url]
azithromycin australia price
April 17, 2024[url=https://oazithromycin.com/]azithromycin 500 mg pills[/url]
canada pharmacy online
April 17, 2024[url=https://happyfamilystorerx.online/]canada pharmacy not requiring prescription[/url]
tadalafil pharmacy
April 17, 2024[url=http://bmtadalafil.online/]cost of 10 mg tadalafil pills[/url]
buy zithromax no script
April 17, 2024[url=http://azithromycinmds.online/]price of azithromycin 250 mg[/url]
valtrex prescription cost
April 18, 2024[url=https://valtrexmedication.online/]valtrex brand name[/url]
over the counter prednisone pills
April 18, 2024[url=http://bestprednisone.online/]can you buy prednisone over the counter[/url]
rate canadian pharmacies
April 18, 2024[url=https://happyfamilystorerx.online/]pharmacy home delivery[/url]
international pharmacy no prescription
April 18, 2024[url=https://drugstorepp.online/]cheapest pharmacy prescription drugs[/url]
tadalafil tablets 20 mg online india
April 18, 2024[url=https://bmtadalafil.online/]tadalafil order online[/url]
buy zithromax 500mg online
April 18, 2024[url=https://ezithromycin.online/]azithromycin 1000 mg tablets[/url]
how to get valtrex online
April 18, 2024[url=https://valtrexbt.online/]cost of valtrex[/url]
order valtrex online canada
April 19, 2024[url=http://vatrex.online/]can you order valtrex online[/url]
generic synthroid price
April 19, 2024[url=http://synthroidam.online/]synthroid 88 mcg cost[/url]
2000 mg valtrex daily
April 19, 2024[url=http://valtrexarb.online/]how to get valtrex without a prescription[/url]
buy prednisone online cheap
April 19, 2024[url=http://prednisonecsr.com/]prednisone tablets cost[/url]
big pharmacy online
April 19, 2024[url=http://bestmedsx.online/]online pharmacy for sale[/url]
tadalafil coupon
April 20, 2024[url=http://tadalafilstd.online/]canadian tadalafil online[/url]
prednisone over the counter south africa
April 20, 2024[url=https://oprednisone.com/]prednisone uk online[/url]
lisinopril 60 mg
April 20, 2024[url=https://lisinoprilgp.com/]can you buy lisinopril online[/url]
azithromycin in usa
April 20, 2024[url=http://ezithromycin.online/]buy azithromycin without prescription in united states[/url]
synthroid 75 mcg price canada
April 20, 2024[url=http://isynthroid.online/]synthroid 25 mcg[/url]
best online foreign pharmacies
April 20, 2024[url=http://happyfamilystorerx.online/]drugstore com online pharmacy prescription drugs[/url]
medicine azithromycin 500 mg
April 21, 2024[url=http://azithromycinhq.com/]medicine azithromycin 250 mg[/url]
price of valtrex generic
April 21, 2024[url=http://valtrexv.com/]valtrex uk price[/url]
zithromax 500mg over the counter
April 21, 2024[url=http://azithromycinps.online/]azithromycin gel in india[/url]
synthroid canadian pharmacy
April 21, 2024[url=https://synthroidx.online/]synthroid 0.125 mg[/url]
lisinopril 20mg tablets
April 21, 2024[url=http://lisinoprill.com/]lisinopril 12.5 mg price[/url]
canadapharmacy24h
April 22, 2024[url=https://medicinesaf.online/]onlinepharmaciescanada com[/url]
prednisone 20mg
April 22, 2024[url=https://prednisonekx.online/]discount prednisone 10 mg[/url]
tadalafil 10mg
April 22, 2024[url=http://tadalafilstd.com/]best price for tadalafil[/url]
tadalafil india buy online
April 22, 2024[url=http://tadalafilstd.online/]cheap cialis mexico[/url]
prednisone us
April 23, 2024[url=http://predniso.online/]average cost of prednisone[/url]
canada rx pharmacy
April 23, 2024[url=http://happyfamilymedicalstore.online/]legal online pharmacy coupon code[/url]
happy family pharmacy in canada
April 23, 2024[url=https://happyfamilystorerx.online/]buying from canadian pharmacies[/url]
synthroid 250 mcg
April 23, 2024[url=https://asynthroid.com/]0.50mg synthroid[/url]
lisinopril 20 mg 12.5 mg
April 23, 2024[url=http://lisinoprilos.online/]lisinopril without prescription[/url]
buy zestril
April 24, 2024[url=http://lisinoprilos.online/]lisinopril generic over the counter[/url]
canadian pharmacy 365
April 24, 2024[url=https://bestmedsx.online/]online pharmacy price checker[/url]
canada pharmacy coupon
April 25, 2024[url=http://drugstorepp.online/]canadian pharmacy antibiotics[/url]
tadalafil 1mg
April 25, 2024[url=https://tadalafilgf.com/]how much is prescription cialis[/url]
rate online pharmacies
April 25, 2024[url=https://bestmedsx.com/]tops pharmacy[/url]
valtrex prescription
April 25, 2024[url=http://valtrexbt.online/]buy valtrex online canada[/url]
drugstore com online pharmacy prescription drugs
April 25, 2024[url=http://happyfamilymedicalstore.online/]overseas online pharmacy[/url]
brand name prednisone
April 26, 2024[url=http://oprednisone.com/]can i buy prednisone over the counter in mexico[/url]
tadalafil online india
April 26, 2024[url=https://tadalafilstd.online/]cilias[/url]
buy glucophage canada
April 27, 2024[url=https://metoformin.online/]metformin order online[/url]
buy tadalafil in mexico
April 27, 2024[url=https://tadalafi.online/]soft cialis generic[/url]
best canadian pharmacy
April 27, 2024[url=https://bestmedsx.online/]buying from canadian pharmacies[/url]
cheapest pharmacy for prescription drugs
April 27, 2024[url=http://bestmedsx.com/]good pharmacy[/url]
price of metformin without insurance
April 27, 2024[url=https://metforemin.online/]metformin 3115[/url]
25 mg tadalafil
April 27, 2024[url=https://tadalafi.online/]buy cheap cialis uk[/url]
canadian pharmacy world coupon
April 28, 2024[url=https://bestmedsx.online/]what’s the best online pharmacy[/url]
prednisone 5mg price
April 28, 2024[url=http://prednisoneo.com/]buying prednisone 4mg without prescription[/url]
reliable online pharmacy
April 29, 2024[url=http://drugstorepp.online/]canadian pharmacy india[/url]
pharmacy order online
April 29, 2024[url=https://bestmedsx.online/]medstore online pharmacy[/url]
azithromycin 25 mg
April 29, 2024[url=http://ezithromycin.online/]azithromycin 500 buy online[/url]
price lisinopril 20 mg
April 29, 2024[url=https://lisinoprildrl.online/]lisinopril 20 mg online[/url]
cheapest pharmacy for prescriptions
April 29, 2024[url=https://happyfamilymedicalstore.online/]online pharmacy china[/url]
can i buy prednisone online in uk
April 29, 2024[url=http://oprednisone.com/]prednisone 5 mg tablet without a prescription[/url]
buy valtrex online cheap
April 29, 2024[url=https://valtrexmedication.com/]valtrex 1000mg tablet[/url]
pharmacy online 365 discount code
April 30, 2024[url=http://happyfamilystorerx.online/]sure save pharmacy[/url]
how to get synthroid
May 1, 2024[url=https://isynthroid.online/]synthroid 0.125 mg[/url]
20 mg tadalafil cost
May 1, 2024[url=https://tadalafilstd.com/]generic tadalafil 2017[/url]
synthroid 75 mcg in india
May 1, 2024[url=http://synthroidx.com/]synthroid discount[/url]
lisinopril 200 mg
May 1, 2024[url=https://lisinoprilgp.com/]lisinopril 10 mg no prescription[/url]
hq pharmacy online 365
May 2, 2024[url=https://happyfamilystorerx.online/]pharmacy discount coupons[/url]
prednisone without a rx
May 2, 2024[url=https://oprednisone.online/]buy prednisone over the counter[/url]
american online pharmacy
May 2, 2024[url=https://medicinesaf.online/]online pharmacy non prescription drugs[/url]