USDINR opened higher at 65.40 y’day and the pair traded in the 65.31-65.50 range. USDINR closed at 65.49, gain of 29 ps for USD as against prior close of 65.20.RBI reference rate was fixed at 65.45. Trade deficit and US attack on Syria triggered Rupee weakness. INR weakened despite rally in Equities. April USD/INR closed at 65.55, gain of 27 ps for USD as compared to prior day’s close of 65.28. April Euro/INR closed at 81.09, GBP/INR at 93.79 and Yen/INR at 61.15.

FII’S have sold Rs 1084 Cr of Indian Equities in April till date . FII’S have bought Rupees 3935 Cr of Indian debt securities in April . On a cumulative basis, FII’S have bought Rupees 13798 Cr of Indian Equities till date for this calendar year and have bought Rupees 2034 Cr of Indian debt in this calendar year till date.

Benchmark Nifty climbed 0.46% y’day. DOW declined 122 points (0.50%) y’day.Nikkei climbed 0.26% and Hang seng declined 1.6% y’day.

Euro is now at 1.2379, Pound at 1.4336,Yen at 107.04.    

Commodities: Gold is now at USD 1349 and WT1Crude at USD 66.56.

Interest rates: USD 10 Yr yield is at 2.83% and 3 m libor closed at 2.29%. Indian 10 yr benchmark yield closed at 7.49%.        

Economic news: USD stayed weak against majors as there was no major escalation of Syrian tensions. In a fresh salvo, US President accused China and Russia of devaluing their Currencies, even as Treasury dept shied from naming China as a currency manipulator.

IMD predicted normal monsoon for India this Year.

Data Highlights: – US retail sales climbed 0.6% m/m, NY mfrg index dipped to 15.8 and TIC purchases.


-UK leading index declined -0.4% m/m.                                                     


Tuesday’s calendar: – US housing starts, building perimts and industrial production.

-German Zew survey


-UK unemployment rate and claimant count change.

USD/INR   65.50 65.31
EUR/USD 1.2379 1.2395 1.2324
GBP/USD 1.4336 1.4344 1.4237
USD/JPY 107.04 107.52 107.03

Daily Support/Resistance table

CurrencyPairs Pivot R1 R2 R3 S1 S2 S3
EURO/USD 1.2368 1.2412 1.2439 1.2483 1.2341 1.2297 1.2270
GBP/USD 1.4307 1.4377 1.4414 1.4484 1.4270 1.4200 1.4163
USD/JPY 107.20


107.37 107.69 107.86


106.88 106.71 106.39


USD/INR 65.43 65.55 65.62   65.36 65.24  


Curency Pair Supports Resistances Trend Remarks
EURO/USD 1.2210/1.2150/1.2090 1.2475/1.2555 SIDE SIDE<1.2150
GBP/USD 1.3965/1.3710 1.4345 UP DN<1.3710
USD/JPY 104.50 108 DN SIDE>108
USD/INR 65.30/65.18/64.85 65.60/65.90 UP SIDE<64.85
USD/CHF 0.9535/0.9435 0.9870 UP  DN <0.9430



Technicals: Spot closed above 100 and 200 day major moving averages. 20 day moving         is at 65.10. 50 day moving average is at 64.75. 200 day moving average is at 64.45. Daily MACD is in sell zone, implying top at 65.44 . Important support zone is at 64.85. Important resistance is  at 65.60. Spot closed above its average level of the day.  

Intra day supports and resistances for April contract are:

PP: 65.50,S1:65.42, S2:65.29, R1:65.63, R2:65.71

Hedging strategy for USD/INR: Hedging decisions be taken according to comfort and accounting rates.


EURO/USD: The pair is above 100 and 200 day major moving averages, but below 20 and 50 day moving averages. Next Major resistance is at 1.2475 and later at 1.2555. Major support is at 1.2150. Daily MACD is in buy zone, implying an important bottom at 1.2215. Weekly MACD is in sell zone, implying important top at 1.2560.

GBP/USD: Trend is bullish in daily chart. Daily MACD  is in buy zone, implying important bottom at 1.3965 and weekly MACD is  in buy zone, implying important bottom at 1.3715. The pair is trading above 200 day major moving average. Important resistance is at 1.4345. Important support is at 1.3710.    

USD/YEN: The pair is below major moving averages. Daily MACD is in buy zone, implying important bottom at 104.56. Important support is at 104.56. Important resistance is  at 108 and later at 110.40.                                  

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