USDINR opened gap up at 82.25 y’day and the pair traded in the 81.99-82.29 range. Spot USDINR closed at 82.06, gain of 14 ps for USD as against prior close of 81.92.
RBI reference rate was fixed at 82.08 on 08/03. Mar USD/INR closed at 82.14, gain of 10 ps for USD as compared to prior day’s close of 82.04. Mar Euro/INR closed at 86.67, GBP/INR at 97.34 and Yen/INR at 60. USDINR fwd premia was trading at around 2.11% p.a. FX reserves stands at USD 560.90 bn as on March 3 rd.
| PAIRS | RBI REF RATE (08/03) |
| USDINR | 82.08 |
| EURINR | 86.47 |
| GBPINR | 97.06 |
| JPYINR | 59.61 |
In March, FII’S have bought Rs 13581 Cr of Equities and have bought Rs 398 Cr of debt . In last Calendar Year, FII’S sold close to Rs 1.06 lac Cr worth of Equities.
Benchmark Nifty climbed 42 points (0.24%) y’day. DOW declined 58 points (0.18%) y’day . Nikkei climbed 0.48% and Hang Seng declined 2.35% y’day.
Euro is now at 1.0545, Pound at 1.1844, Yen at 137.01.
Commodities: Gold is now at USD 1862 and WT1Crude at USD 76.50/Brent at USD 82.40.
Interest rates: USD 10 Yr yield is at 3.97% and 3 m libor closed at 4.95%. Indian 10 yr benchmark yield closed at 7.46%.
Economic news: US ADP private sector employment grew 242k in February, above expectation of 200k. USD rally took a pause ahead of Friday’s Non farm payrolls data.
Data highlights: – US ADP employment report showed that private sector added 242 k jobs.
-German retail sales declined -0.3% m/m.
Thursday’s calendar : – US Weekly jobless claims
| USD/INR | 82.29 | 81.99 | ||
| EUR/USD | 1.0545 | 1.0574 | 1.0525 | |
| GBP/USD | 1.1844 | 1.1859 | 1.1805 | |
| USD/JPY | 137.01 | 137.90 | 136.48 |
Daily Support/Resistance table
| Currency Pairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.0549 | 1.0573 | 1.0598 | 1.0622 | 1.0524 | 1.0500 | 1.0475 |
| GBP/USD | 1.1838 | 1.1871 | 1.1891 | 1.1924 | 1.1817 | 1.1785 | 1.1764 |
| USD/JPY | 137.20 | 137.92 | 138.63 | 139.35 | 136.50 | 135.77 | 135.07 |
| 132.73 | 82.11 | 82.23 | 82.41 | 81.93 | 81.81 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Currency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.0535 | 1.08 | SIDE | UP>1.08 |
| GBP/USD | 1.1920 | 1.2145/1.2450 | SIDE | UP>1.2145 |
| USD/JPY | 134/132.20 | 137 | SIDE | DN<132 |
| USD/INR | 81.62/81.46 | 82.30 | SIDE | UP>82.30 |
| USD/CHF | 0.9240 | 0.9440 | SIDE | DN<0.9240 |
Technicals: Spot closed below 20, 50 and 100 day major moving averages.20 day moving average is at 82.62. 50 day moving average is at 82.28.200 day moving average is at 80.76. Daily MACD is in sell zone. Important support is at 81.62/81.46 and important resistance is at 82.30. Spot closed below the average level of the day.
Intraday supports and resistances for March contract are:
PP: 82.20, S1:82.02, S2:81.90, R1:82.32, R2:82.50.
Hedging strategy: Hedging decisions be taken according to comfort and accounting rates.
However on directional basis, suggest the following:
USD IMPORTS be hedged.
CROSS CURRENCY TECHNICALS:
EURO/USD: The pair is above 100 and 200 day major moving averages, but below 20 and 50 moving averages. Major resistance is at 1.08. Next major support is at 1.0535. Daily MACD is in sell zone, implying an important top at 1.1035. Weekly MACD is in sell zone, implying important top at 1.1035.
GBP/USD: The pair is above 100 and 200 day moving averages , but below 20 and 50 day averages. Daily MACD is in buy zone, implying important bottom at 1.1920 and weekly MACD is in sell zone, implying important top at 1.2450. Important support is at 1.1920. Important resistance is at 1.2145/1.2270/1.2450.
USD/YEN: The pair is below 100 and 200 day moving averages, but above 20 and 50 day averages. Daily MACD is in buy zone, implying important bottom at 127.25. Important resistance is at 137 and later at 139.20. Supports are at 134 and 132.
Click to open an Account : https://ekyc.gwcindia.in/client/
For all your investment needs feel free to reach us.
Give us Missed Call us on 90037 90027 . For Support : 044-40329999
