USDINR opened gap down at 74.58 on Friday and the pair traded in the 74.58-75.02 range. Spot USDINR closed at 74.64 , loss of 37 ps for USD as against prior close of 75.01. RBI reference rate was fixed at 74.78 on Friday. July USD/INR closed at 74.83, loss of 3 ps for USD as compared to prior day’s close of 74.86. July Euro/INR closed at 84.05, GBP/INR at 93.17 and Yen/INR at 69.63.
FII’S nett bought Rs 23289 Cr of Indian Equities in June . FII’S nett sold Rs 1525 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 0.53% on Friday. US markets were closed on Friday. Nikkei climbed 0.72% and Hang seng climbed 0.99% y’day.
Euro closed the week at 1.1244,Pound at 1.2482,Yen at 107.51.
Commodities: Gold is now at USD 1787 and WT1Crude at USD 40.28/Brent at USD 42.77.
Interest rates: USD 10 Yr yield is at 0.67% and 3 m libor closed at 0.31%. Indian 10 yr benchmark yield closed at 5.84%.
Economic news: Rupee continued to surge and hit 74.60. Nationalised banks were buying USD for Oil imports. USDINR pair had two volatility in the 74.60-75 range.
US market was closed on Friday.
Data highlights : EU PMI(services)
Monday’s calendar: – US ISM(non mfrg)
-EU sentix investor confidence , retail sales and German factory orders
-UK PMI(construction)
| USD/INR | 75.02 | 74.58 | |
| EUR/USD | 1.1244 | 1.1254 | 1.1220 |
| GBP/USD | 1.2482 | 1.2493 | 1.2439 |
| USD/JPY | 107.51 | 107.57 | 107.43 |
Daily Support/Resistance table
| CurrencyPairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.1239 | 1.1258 | 1.1273 | 1.1224 | 1.1205 | ||
| GBP/USD | 1.2471 | 1.2503 | 1.2525 | 1.2449 | 1.2417 | ||
| USD/JPY | 107.50
|
107.57 | 107.64 | 107.43 | 107.36 |
|
|
| USD/INR | 74.74 | 74.91 | 75.19 | 74.46 | 74.29 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Curency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.1165/1.1020 | 1.1425 | SIDE | DN<1.10 |
| GBP/USD | 1.2250/1.2075 | 1.2530/1.27 | SIDE | UP>1.27 |
| USD/JPY | 106 | 108.10/109.85 | SIDE | UP>108.10 |
| USD/INR | 74.40/74.10 | 75.25/75.50 | DN | UP>75.50 |
| USD/CHF | 0.94 | 0.96/0.9775 | DN | UP>0.97 |
Technicals: Spot closed above 200 day moving average. 20 day moving average is at 75.70. 50 day moving average is at 75.70.200 day moving average is at 72.88. Daily MACD is in sell zone, implying top at 76.30. Important support is at 74.40/74.10. Spot closed below its average level of the day.
Intra day supports and resistances for July contract are:
PP:74.91,S1:74.64, S2:74.45, R1:75.10, R2: 75.37
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 sideways 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 1.14. 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 buy zone, implying important bottom at 106. Next important resistance is at 108.10. Important support is at 106.
