USDINR opened at 75.80 y’day and the pair traded in the 75.73-75.88 range. Spot USDINR closed at 75.78 , gain of 19 ps for USD as against prior close of 75.59. RBI reference rate was fixed at 75.79 y’day. June USD/INR closed at 75.89, gain of 23 ps for USD as compared to prior day’s close of 75.66. June Euro/INR closed at 86.22, GBP/INR at 96.08 and Yen/INR at 70.84.
FII’S have nett bought Rs 16875 Cr of Indian Equities in June . FII’S have nett sold Rs 681 Cr of Indian debt securities in June. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty declined 2.04% Y’day. DOW declined 282 points (6.90%) y’day. Nikkei declined 2.82% and Hang seng declined 2.27% Y’day.
Euro is now at 1.1283,Pound at 1.2551,Yen at 106.75.
Commodities: Gold is now at USD 1731 and WT1Crude at USD 35/Brent at USD 37.50.
Interest rates: USD 10 Yr yield is at 0.67% and 3 m libor closed at 0.34%. Indian 10 yr benchmark yield closed at 5.78%.
Economic news: Financial markets slumped on reports of increasing infections in US . Fed’s GDP projection also contributed to the second day of big slump. U.S. Treasury and euro zone government bonds rallied after the Fed on Wednesday signaled it plans years of extraordinary support to counter the economic fallout from the pandemic.
Data highlights : US weekly jobless claims dipped to 1542k and PPI climbed 0.4% m/m.
Friday’s calendar:- EU industrial production
-UK industrial and production data.
| USD/INR | 75.88 | 75.73 | |
| EUR/USD | 1.1283 | 1.1402 | 1.1287 |
| GBP/USD | 1.2551 | 1.2751 | 1.2571 |
| USD/JPY | 106.75 | 107.24 | 106.58 |
Daily Support/Resistance table
| CurrencyPairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.1326 | 1.1365 | 1.1441 | 1.1480 | 1.1250 | 1.1211 | 1.1134 |
| GBP/USD | 1.2631 | 1.2691 | 1.2811 | 1.2871 | 1.2511 | 1.2451 | 1.2331 |
| USD/JPY | 106.87
|
107.16 | 107.52 | 107.81 | 106.50 | 106.22 | 105.85
|
| USD/INR | 75.79 | 75.86 | 75.95 | 75.70 | 75.63 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Curency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.1145/1.1020 | 1.15 | UP | DN<1.0950 |
| GBP/USD | 1.2355/1.2075 | 1.2730 | SIDE | UP>1.2730 |
| USD/JPY | 108.10 | 111.70 | UP | DN<108.10 |
| USD/INR | 74.90 | 75.60/75.80/76 | SIDE | UP>76.10 |
| USD/CHF | 0.95 | 0.98/0.99 | DN | UP>0.98 |
Technicals: Spot closed above 200 day moving average. 20 day moving average is at 75.64. 50 day moving average is at 75.88.200 day moving average is at 72.50. Daily MACD is in buy zone, implying bottom at 75.05. Important support is at 75.05/74.90. Spot closed above its average level of the day.
Intra day supports and resistances for June contract are:
PP:75.86 ,S1:75.74, S2:75.60, R1:76.01, R2: 76.12
Hedging strategy for USD/INR: Hedging decisions be taken according to comfort and accounting rates.
CROSS CURRENCY TECHNICALS:
EURO/USD: The pair is above 50 and 200 day major moving average. Next Major resistance is at 1.15. Major support is at 1.1145 and later at 1.1020. Daily MACD is in buy zone, implying an important bottom at 1.0750. Weekly MACD is in buy zone, implying important bottom at 1.0650.
GBP/USD: The pair has turned sideways and is below 200 day major moving average.Daily MACD is in buy zone, implying important bottom at 1.2075 and weekly MACD is in buy zone, implying important bottom at 1.2275. Important resistance is at 1.2740. Important support is at 1.2350 and later at 1.2075.
USD/YEN: The pair is above major moving averages. Daily MACD is in buy zone, implying important bottom at 106. Next important resistance is at 111.75. Important support is at 108.10.
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