USDINR opened at 71.65 Y’day and the pair traded in the 71.59-71.86 range. Spot USDINR closed at 71.84 y’day, gain of 5 ps for USD as against prior close of 71.79. RBI reference rate was fixed at 71.71 on Friday. Nov USD/INR closed at 71.89, gain of 3 ps for USD as compared to prior day’s close of 71.86. Nov Euro/INR closed at 79.56, GBP/INR at 93.18 and Yen/INR at 65.97.
FII’S nett bought Rs 12445 Cr of Indian Equities in Nov . FII’S have nett bought Rs 72695 Cr of Indian Equities in this calendar Year till date. FII’S have nett bought Rs 3710 Cr of Indian debt securities in Nov. FII’S have nett bought Rs 46868 Cr of Indian debt in this calendar year till date.
Benchmark Nifty declined 0.09% y’day. DOW climbed 31 points (0.11%) y’day. Nikkei is down and Hang seng is up today.
Euro is now at 1.1075 ,Pound at 1.2955,Yen at 108.61.
Commodities: Gold is now at USD 1470 and WT1Crude at USD 57./Brent at USD 62.31.
Interest rates: USD 10 Yr yield is at 1.808% and 3 m libor closed at 1.93%. Indian 10 yr benchmark yield closed at 6.48%.
Economic news: Fed minutes will be watched for clues on how certain policymakers are positioned regarding ending or pausing the mid-cycle adjustments.
Data highlights : – No major data release.
Tuesday’s calendar: – US housing starts and building permits
Daily Support/Resistance table
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
Technicals: Spot closed above 100 and 200 day moving average. 20 day moving average is at 71.16. 50 day moving average is at 71.23.200 day moving average is at 70.28. Daily MACD is in buy zone, implying bottom at 70.55. Important support is at 71.55/71.30 and next important resistance is at 72.45. Spot closed above its average level of the day.
Intra day supports and resistances for Nov contract are:
PP: 71.81,S1:71.70, S2:71.53, R1:71.99, R2:72.09
Hedging strategy for USD/INR: Hedging decisions be taken according to comfort and accounting rates.
CROSS CURRENCY TECHNICALS:
EURO/USD: The pair is below major moving averages. Next Major resistance is at 1.1180. Major support is at 1.10 and later at 1.0870. Daily MACD is in sell zone, implying an important topo at 1.1185. Weekly MACD is in buy zone, implying important bottom at 1.0870.
GBP/USD: The pair is sideways but is still trading above 200 day moving average.Daily MACD is in sell zone, implying important top at 1.30 and weekly MACD is in buy zone, implying important bottom at 1.20. Important resistance is at 1.30/1.31. Important support is at 1.27 and later at 1.2550.
USD/YEN: The pair is above major moving averages. Daily MACD is in sell zone, implying important top at 109.50. Next important resistance is at 110.65. Important support is at 107.85/106.50.