Major developments :

USD is now at 81.59. USDINR opened at 81.48. Fwd premia – 1 year fwdpremia is at 2.35% p.a. 
-Rupee is steady.
-Indian Indices are down sharply.
-US GDP grew 2.9% Q/Q annualized in Q4. Growth was 2.1% y/y. Growth was driven by
 inventory adjustment and Govt spending.
-US Consumer spending and residential investment have slowed.
-US GDP growth for 2023 is expected to be around 1%, below trend growth rate of 1.8%.
-US PCE data , to be released on Friday could seal quantum of rate hike in Feb. FOMC could 
raise rates only by 25 bps.
-ECB is expected to deliver 50 bps rate hike next week.
-Japanese inflation jumped to 42 year highs.

RBI ref rate:

-USDINR is at 81.59 .Prior day’s close was 81.59.
-Indian Equity indices decline.

-Indian 10 year G-SEC yield is at 7.37%.
-USDINR 1 yr fwd premia is at 2.35%.USDINR @ 81.59, EUR/USD@ 1.0869, GBP/USD @ 1.2384, USD/JPY @ 130.01, EUR/INR @ 88.67, GBP/INR @ 101.05, JPY/INR @ 62.75.
Gold@1921, Brent Crude @ 87.80, Nifty @ 17710(-182), 10 Year G-SEC @ 7.37%.

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