USDINR opened at 74.91 y’day and the pair traded in the 74.91-75.07 range. Spot USDINR closed at 74.99 , loss of 3 ps for USD as against prior close of 75.02. RBI reference rate was fixed at 75.02 y’day. July USD/INR closed at 75.11, loss of 7 ps for USD as compared to prior day’s close of 75.18. July Euro/INR closed at 85.09, GBP/INR at 94.98 and Yen/INR at 69.99.
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 1.01% y’day. DOW climbed 177 points (0.68%) y’day.Nikkei climbed 0.40% and Hang seng climbed 0.31% y’day.
Euro is now at 1.1315,Pound at 1.2500,Yen at 107.37.
Commodities: Gold is now at USD 1820 and WT1Crude at USD 40.80/Brent at USD 43.25.
Interest rates: USD 10 Yr yield is at 0.65% and 3 m libor closed at 0.27%. Indian 10 yr benchmark yield closed at 5.79%.
Economic news: Focus will now steadily shift to US elections in Nov. US President Trump faces an uphill task as his rival and former VP Mr Biden is leading in opinion polls.US labor market is steady with concerns over rising infections.
Data highlights : US weekly jobless claims was reported at 1314k.
Friday’s calendar: – US PPI
Daily Support/Resistance table
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
Technicals: Spot closed above 200 day moving average. 20 day moving average is at 75.62. 50 day moving average is at 75.60.200 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 above its average level of the day.
Intra day supports and resistances for July contract are:
PP:75.12,S1:75.02, S2:74.93, R1:75.21, R2: 75.31
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.
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