USDINR opened at 75.58 y’day and the pair traded in the 75.49-75.73 range. Spot USDINR closed at 75.63 , loss of 9 ps for USD as against prior close of 75.72. RBI reference rate was fixed at 75.57 y’day. May USD/INR closed at 75.92, gain of 7 ps for USD as compared to prior day’s close of 75.85. May Euro/INR closed at 82.29, GBP/INR at 94.71 and Yen/INR at 71.11.

FII’S have nett sold Rs 3096 Cr of Indian Equities in April . FII’S have nett sold Rs 6241 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 declined 0.95% y’day. DOW climbed 133 points (0.56%) y’day. Nikkei declined 0.77% and Hang seng climbed 1.08% y’day.

Euro is now at 1.0841,Pound at 1.2439,Yen at 106.30.     

Commodities: Gold is now at USD 1704 and WT1Crude at USD 24.50/Brent at USD 31.

Interest rates: USD 10 Yr yield is at 0.66% and 3 m libor closed at 0.89%. Indian 10 yr benchmark yield closed at 6.07%.

Economic news: Indian Equity indices declined on reports that banking sector will face further stress as retail defaults are likely to rise.

Data highlights : US ISM(non mfrg) was better than expected at 41.8.

-EU PPI declined -1.5% m/m.

-UK PMI(services) declined to 13.4.

Wednesday’s calendar:- US ADP employment report

-German factory orders, EU PMI(services) and retail sales

USD/INR   75.73 75.49
EUR/USD 1.0841 1.0927 1.0826
GBP/USD 1.2439 1.2485 1.2421
USD/JPY 106.30 106.91 106.42

Daily Support/Resistance table

CurrencyPairs Pivot R1 R2 R3 S1 S2 S3
EURO/USD 1.0864 1.0902 1.0965 1.1003 1.0801 1.0763 1.0700
GBP/USD 1.2447 1.2473 1.2511 1.2537 1.2409 1.2383 1.2345
USD/JPY 106.64


106.86 107.14 107.36 106.37 106.14 105.87


USD/INR 75.62 75.74 75.85   75.51 75.39


Curency Pair Supports Resistances Trend Remarks
EURO/USD 1.0875/1.0725 1.1050/1.1145 SIDE UP>1.1050
GBP/USD 1.2245 1.2650/1.2820 SIDE DN<1.2245
USD/JPY 106.30/105.15 109.40/111.70 DN UP>109.40
USD/INR 74.90/74.40 75.90/76.10 SIDE UP>76.25
USD/CHF 0.96 0.98/0.99 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 74.42.200 day moving average is at 71.66. Daily MACD is in sell zone, implying top at 76.90. Important support is at 74.90/74.40. Spot closed above its average level of the day.

Intra day supports and resistances for May contract are:

PP:75.88 ,S1:75.69, S2:75.46, R1:76.11, R2: 76.30                                

Hedging strategy for USD/INR: Hedging decisions be taken according to comfort and accounting rates.


EURO/USD: The pair is below 200 day major moving average. Next Major resistance is at 1.1050 and later at 1.1150. Major support is at 1.0875 and later at 1.0725. Daily MACD is in buy zone, implying an important bottom at 1.0725. Weekly MACD is in sell zone, implying important top at 1.15.

GBP/USD: The pair has turned sideways and is between major moving averages.Daily MACD  is in buy zone, implying important bottom at 1.2245 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 1.2245 and later at 1.2165.

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 106.25/105.90.


Leave a reply:

Your email address will not be published.

Site Footer