INDIAN INR
MARKETS
INR declined after 3-day advance, falling 0.1% to 54.3650 . 1 month volatility fell 9 BP to 9.18 %. 3 month forwards at 55.54 compared with 55.34, 3 month NDF at 55.50 versus 55.36. 1-year IRS at 7.5700% , 5-year IRS at 7.2300% , 10Y Benchmark at 7.845%
FACTORS
Technical: Pivot point at 54.3763; resistance at 54.1901, 54.0888, 53.8013; support at 54.4776, 54.6638,54.9513. INR near 100-DMA resistance at 54.2610, subsequent resistance at 50-DMA - 54.1859, support at 200-DMA -54.7360.
Global funds bought $ 89 m of local bonds on March 7, which was the 9th day of inflow.
Global funds bought a net $491 million of Indian stocks this month ,
Global Funds added more than $4 billion in stocks for the past three months.
Data Release: trade data at 11 am local time today.
The USD Index, approaches its highest level in seven months.