USDINR opened at 76.29 on friday and the pair traded in the 76.17-76.30 range. Spot USDINR closed at 76.19 , gain of 3 ps for USD as against prior close of 76.16. RBI reference rate was fixed at 76.21 y’day. June USD/INR closed at 76.26, gain of 9 ps for USD as compared to prior day’s close of 76.17. June Euro/INR closed at 85.38, GBP/INR at 94.35 and Yen/INR at 71.33.
FII’S have nett bought Rs 21428 Cr of Indian Equities in June . FII’S have nett sold Rs 3123 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 climbed 1.51% on Friday. DOW declined 208 points (0.80%) on Friday. Nikkei climbed 0.55% and Hang seng climbed 0.73% on Friday.
Euro closed the week at 1.1177,Pound at 1.2358,Yen at 106.89.
Commodities: Gold is now at USD 1756 and WT1Crude at USD 39.45/Brent at USD 41.95.
Interest rates: USD 10 Yr yield is at 0.70% and 3 m libor closed at 0.34%. Indian 10 yr benchmark yield closed at 5.84%.
Economic news: :- Indian Equity indices soared due to rally in heavyweight Reliance. Reliance announced that it has become debt free with investments pouring in from facebook to investment funds. Rupee weakened last week as USD climbed back against majors. USDINR pair was stuck in narrow ranges for most part of the truncated trading sessions, due to inability of corporates to plan their trade schedules.
Data highlights : – UK retail sales climbed 12% m/m.
Monday’s calendar: -US existing home sales.
Daily Support/Resistance table
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
Technicals: Spot closed above 200 day moving average. 20 day moving average is at 75.77. 50 day moving average is at 75.90.200 day moving average is at 72.70. Daily MACD is in buy zone, implying bottom at 75.05. Important support is at 75.05/74.90. Spot closed below its average level of the day.
Intra day supports and resistances for June contract are:
PP:76.28,S1:76.16, S2:76.07, R1:76.37, R2: 76.49
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 1.1425. Major support is at 1.1020. Daily MACD is in sell zone, implying an important top at 1.1425. Weekly MACD is in buy zone, implying important bottom at 1.0650.
GBP/USD: The pair has turned bearish and is below 200 day major moving average.Daily MACD is in sell zone, implying important top at 1.2810 and weekly MACD is in buy zone, implying important bottom at 1.2275. Important resistance is at 1.2810. Important support is at 1.2250 and later at 1.2075.
USD/YEN: The pair is below major moving averages. Daily MACD is in sell zone, implying important top at 110. Next important resistance is at 108.45. Important support is at 106.
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