USDINR opened at 75.35 Y’day and the pair traded in the 75.14-75.36 range. Spot USDINR closed at 75.15 , loss of 28 ps for USD as against prior close of 75.43. RBI reference rate was fixed at 75.31 y’day. July USD/INR closed at 75.25, loss of 24 ps for USD as compared to prior day’s close of 75.49. July Euro/INR closed at 86.09, GBP/INR at 94.97 and Yen/INR at 70.38.
FII’S have nett sold Rs 267 sold Cr of Indian Equities in July . FII’S have nett sold Rs 402 Cr of Indian debt securities in July. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty climbed 0.10% y’day. DOW climbed 227 points (0.85%) y’day.Nikkei climbed 1.59% and Hang seng climbed 0.01% y’day.
Euro is now at 1.1414,Pound at 1.2574,Yen at 106.97.
Commodities: Gold is now at USD 1812 and WT1Crude at USD 41.10/Brent at USD 43.70.
Interest rates: USD 10 Yr yield is at 0.638% and 3 m libor closed at 0.27%. Indian 10 yr benchmark yield closed at 5.76%.
Economic news: ECB meeting is the focus event for the day. Federal Reserve’s Beige Book survey showed U.S. businesses saw an uptick in activity into the beginning of July as states eased restrictions to contain the novel corona virus pandemic. Markets rallied as positive news on vaccine development over weighed fear factors.
Data highlights : US industrial production climbed 5.4% m/m.
-UK CPI climbed 0.6% y/y, RPI climbed 1.1% y/y and PPI(output) climbed 0.3% m/m.
Thursday’s calendar: – US Weekly jobless claims and retail sales
-UK unemployment rate and claimant count change.
Daily Support/Resistance table
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
Technicals: Spot closed above 200 day moving average. 20 day moving average is at 75.48. 50 day moving average is at 75.58.200 day moving average is at 73.05. Daily MACD is in buy zone, implying bottom at 74.50. Important support is at 74.50/74.10. Spot closed below its average level of the day.
Intra day supports and resistances for July contract are:
PP:75.30,S1:75.12, S2:75, R1:75.42, R2: 75.60
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 1.1165 and later at 1.1020. Daily MACD is in buy zone, implying an important bottom at 1.1168. 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 1.2250 and weekly MACD is in buy zone, implying important bottom at 1.14. Important resistance is at 1.27 and later 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 108.15. Next important resistance is at 108.15. Important support is at 106.
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