Marginally better PMI data in the US led to mild dollar strength overnight. Nothing really came out of the closed door Kushner testimony as Trump agreed to sign the bill on Russian sanctions driving USDRUB higher. Today German IFO and US housing data would be critical as market awaits FOMC statement tomorrow.
USDINR went higher post closing yesterday along with other EM currencies. Corporate bonds inflow touched Rs. 4700 crs yesterday as limits get exhausted. USDINR 1m NDF is trading lesser on the left today at 3.5p compared to 6p yesterday indicating offshore buying interest in USDINR. Ahead of the RBI decision next week I would expect USDINR to break lower towards 64.20 levels or lower. CMP 64.38, Range 64.46-64.30.
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