USDINR opened at 76.17 y’day and the pair traded in the 76.04-76.35 range. Spot USDINR closed at 76.24 , loss of 21 ps for USD as against prior close of 76.45. RBI reference rate was fixed at 76.12 y’day. Apr USD/INR closed at 76.19, loss of 9 ps for USD as compared to prior day’s close of 76.28. April Euro/INR closed at 82.59, GBP/INR at 94.71 and Yen/INR at 71.
FII’S have nett sold Rs 3020 Cr of Indian Equities in April . FII’S have nett sold Rs 4778 Cr of Indian debt securities in April. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty climbed 1.4% y’day. DOW climbed 358 points (1.51%) y’day. Nikkei climbed 2.71% % and Hang seng climbed 1.88% y’day.
Euro is now at 1.0827,Pound at 1.2414,Yen at 107.28.
Commodities: Gold is now at USD 1715 and WT1Crude at USD 11/Brent at USD 22.50.
Interest rates: USD 10 Yr yield is at 0.66% and 3 m libor closed at 0.99%. Indian 10 yr benchmark yield closed at 6.17%.
Economic news: RBI announced Rs 50,000 Cr extra liquidity through repo to enable banks to lend to MF’S against collateral or in buying investment grade bonds from them. Exposures will be classified as “held to maturity”. This follows Franklin Templeton’s move to close 6 of its debt schemes citing lack of liquidity.
Global stocks rose as more countries are planning to lift lock down in a phased manner. Oil declined steeply yet again as storage space has shrunk further and Oil demand is likely to remain sudued as countries lift lock down gradually.
Data highlights : :- No major data release.
Tuesday’s calendar: US House price index and consumer confidence
| USD/INR | 76.35 | 76.04 | |
| EUR/USD | 1.0827 | 1.0862 | 1.0808 |
| GBP/USD | 1.2414 | 1.2456 | 1.2359 |
| USD/JPY | 107.28 | 107.64 | 106.99 |
Daily Support/Resistance table
| CurrencyPairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.0833 | 1.0858 | 1.0887 | 1.0912 | 1.0804 | 1.0779 | 1.0749 |
| GBP/USD | 1.2415 | 1.2471 | 1.2512 | 1.2568 | 1.2374 | 1.2318 | 1.2277 |
| USD/JPY | 107.29 | 107.59 | 107.94 | 108.25 | 106.94 | 106.64 | 106.29 |
| USD/INR | 76.21 | 76.38 | 76.52 | 76.07 | 75.90 | ||
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Curency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.0780/1.0665 | 1.10/1.1145 | DN | UP>1.10 |
| GBP/USD | 1.2165/1.1935 | 1.2665/1.2820 | SIDE | DN<1.2165 |
| USD/JPY | 106.90/105.15 | 109.40/111.70 | UP | DN<106.90 |
| USD/INR | 75.95/75.55 | 76.55/76.85 | SIDE | DN<76.10 |
| USD/CHF | 0.96 | 0.99 | DN | UP>0.99 |
Technicals: Spot closed above 200 day moving average. 20 day moving average is at 76.15. 50 day moving average is at 74.05.200 day moving average is at 71.60. Daily MACD is in sell zone, implying top at 76.90. Important support is at 75.95. Spot closed above its average level of the day.
Intra day supports and resistances for April contract are:
PP:76.19 ,S1:76.03, S2:75.87, R1:76.35, R2: 76.51
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 1.10 and later at 1.1150. Major support is at 1.0770 and later at 1.0665. Daily MACD is in sell zone, implying an important top at 1.10. Weekly MACD is in sell zone, implying important top at 1.15.
GBP/USD: The pair has turned bearish and is below major moving averages.Daily MACD is in sell zone, implying important top at 1.2650 and weekly MACD is in sell zone, implying important top at 1.3515. Important resistance is at 1.2650/1.2820. Important support is at 1.2165 and later at 1.1935.
USD/YEN: The pair is below major moving averages. Daily MACD is in sell zone, implying important top at 109.40. Next important resistance is at 111.75. Important support is at 106.90/105.90.
