Draghi’s speech today at 1-30PM would be critical to see if
he joins the hawkish bandwagon of G10 central banks. Carney also speaks today
along with Yellen preceded by other FED speakers, all this should make the day
a little more interesting. The uptick in USDJPY along with lower US10 Y yields
perhaps shows the carry trade environment helped by low volatility.
Modi’s meeting with Trump seemed uneventful except for the
$2-3bn defence deal that US bagged.
USDCNH has depreciated since last week along with KRW.
USDINR 1M NDF is trading 3p left which is insignificant. Debt inflows continue
to trickle in considerable chunks. Equity markets locally and globally are
struggling to break higher. I would expect Nationalized banks to buy USDINR
while today and tomorrow we should see month end buying as well. CMP 64.43,
Range 64.35-64.55
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