Equities trade weak and US yields came off. Oil also slipped along with equities plus the fact that Saudi Arabia assured the market of adequate supply. Today morning Asian equities are in the positive on the back of US stock recovery towards the end. EM currencies have appreciated since yesterday night. USDINR 1m NDF is trading at 2.5p right as compared to 4p right yesterday. Weakness in oil prices will give more confidence to RBI only if the price sustains here, so currently I would think that RBI would want to rebuild reserves at 73.20 levels, medium term range should be 73.25-73.75. CMP 73.27, Range 73.10-73.35.
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