USDINR opened at 75.573 on Friday and the pair traded in the 75.71-75.96 range. Spot USDINR closed at 75.96 , gain of 16 ps for USD as against prior close of 75.80. RBI reference rate was fixed at 75.78 on Friday. May USD/INR closed at 75.90, gain of 38 ps for USD as compared to prior day’s close of 75.52. May Euro/INR closed at 82.75, GBP/INR at 92.50 and Yen/INR at 70.58.

FII’S have nett bought Rs 6316 Cr of Indian Equities in May . FII’S have nett sold Rs 17610 Cr of Indian debt securities in May. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.

Benchmark Nifty declined 0.74% on Friday. DOW declined 9 points (0.04%) on Friday. Nikkei climbed 1.73% and Hang seng climbed 0.10% y’day.

Euro is now at 1.0914,Pound at 1.2211,Yen at 107.84.     

Commodities: Gold is now at USD 1732 and WT1Crude at USD 34/Brent at USD 35.90.

Interest rates: USD 10 Yr yield is at 0.662% and 3 m libor closed at 0.44%. Indian 10 yr benchmark yield closed at 6.04%.

Economic news: RBI cut repo rates by 40 bps to 4% and extended moratorium of bank loans to Aug end. RBI Governor said that GDP will contract this year, but refused to detail the extent of contraction as it is an evolving situation.

Data highlights : US weekly jobless claims was reported at 2.4 mn, Phily fed index contracted to -43.1 and existing home sales was reported at 4.33 mn.

-EU PMI(mfgr-flash) was reported at 39.5 and PMI(services-flash) was reported at 28.7.

-UK PMI(mfrg) was reported at 40.6, PMI(services) was reported at 28.7.         

Tuesday’s calendar:- US new home sales and house price index.

USD/INR   75.96 75.71
EUR/USD 1.0914 1.0915 1.0870
GBP/USD 1.2211 1.2205 1.2163
USD/JPY 107.84 107.79 107.56

Daily Support/Resistance table

CurrencyPairs Pivot R1 R2 R3 S1 S2 S3
EURO/USD 1.0895 1.0920 1.0940 1.0965 1.0875 1.0850 1.0829
GBP/USD 1.2186 1.2209 1.2227 1.2250 1.2167 1.2145 1.2126
USD/JPY 107.68


107.80 107.91 108.03 107.57 107.45 107.35


USD/INR 75.87 76.04 76.12   75.78 75.62


Curency Pair Supports Resistances Trend Remarks
EURO/USD 1.0725/1.0650 1.1050/1.1145 SIDE UP>1.1050
GBP/USD 1.1940/1.14 1.2250/1.2650 DN UP>1.2650
USD/JPY 106/105.15/103.10 109.40/111.70 DN UP>109.40
USD/INR 75.25/74.90 76.10/76.40 SIDE UP>76.10
USD/CHF 0.96/0.95 0.98/0.99 SIDE UP>0.99



Technicals: Spot closed above 200 day moving average. 20 day moving average is at 75.97. 50 day moving average is at 75.43.200 day moving average is at 72.20. Daily MACD is in sell zone, implying top at 76.90. Important support is at 75.25/74.90. Spot closed above its average level of the day.

Intra day supports and resistances for May contract are:

PP:75.84 ,S1:75.66, S2:75.43, R1:76.07, R2: 76.25                              

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 1.0725 and later at 1.0650. Daily MACD is in buy zone, implying an important bottom at 1.0750. 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 1.2250/1.2650. Important support is at 1.1945 and later at 1.14.

USD/YEN: The pair is below major moving averages. Daily MACD is in buy zone, implying important bottom at 106. Next important resistance is at 109.40 and later at 111.75. Important support is at 106/105.10.

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