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Goldman Sachs Forecasts Fed Rate Hike as Inflation Risks Rise 
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- INR could be fully convertible in next 5 years, Raguram Rajan stated.
- Indian central bank ponders repo bids fall to 31.75 bln rupees.
- RBI- FX reserves at US$354 bln & Cash balance rises at 3.71 trn rupees.
- Rajan confirms no more rate in near term as inflation forecasts rises.
The governor says "he does not want to be a rockstar in trajectories (FX, fiscal policy, governance etc) which are not under the purview of his duties."
On the flip side,
- US failed to hold onto its gains despite upbeat US employment.
- Trade balance fueled optimism over outlook of Q2 growth.
- US dollar index came off to 94.96 levels.
- US treasury debt yields hit 7 month highs bolstered by private sector employment report.
Currency Futures Roundup:
Long June Futures of USD/INR above 64.25 for targets of 65 levels with firm stop loss at 63.7725.
Short June Futures of USD/INR below 64 levels for targets upto 63.6425 with SL at 64.2066.
Risk reward ratio on long-side = 0.6366.
Risk reward ratio on short-side = 0.5779.
