USDINR opened at 74.29 y’day and the pair traded in the 73.80-74.36 range. Spot USDINR closed at 73.81 , loss of 49 ps for USD as against prior close of 74.30. RBI reference rate was fixed at 74.36 on Wednesday. Sep USD/INR closed at 74.14, loss of 34 ps for USD as compared to prior day’s close of 74.48. Sep Euro/INR closed at 87.57, GBP/INR at 98.07 and Yen/INR at 69.85.
FII’S have nett bought Rs 33386 Cr of Indian Equities in August till date . FII’S have nett sold Rs 202 Cr of Indian debt securities in August till date. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty closed flat Y’day. DOW climbed 160 points (0.57%) Y’day.Nikkei declined 0.35% and Hang seng declined 0.83% y’day.
Euro is now at 1.1823,Pound at 1.3203,Yen at 106.76.
Commodities: Gold is now at USD 1940 and WT1Crude at USD 42.90/Brent at USD 45.60.
Interest rates: USD 10 Yr yield is at 0.77% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 6.22%.
Economic news: Fed Chairman said that Fed will adopt average inflation target of 2%, implying that it may tolerate inflation overshooting 2% for some time. US Q2 GDP contraction was revised to -31.7% annualized, compared to advance estimate of -32.9%. US stock indices climbed further after Fed Chairman’s speech.
Data highlights : – US Weekly jobless claims was reported at 1006k and pending home sales climbed 5.9% m/m.
Friday’s calendar: – US Personal income, spending and Core PCE Index.
Daily Support/Resistance table
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
Technicals: Spot closed above 200 day moving average. 20 day moving average is at 74.75. 50 day moving average is at 75.200 day moving average is at 73.52. Daily MACD is in sell zone, implying top at 75.10. Important support is at 73.65 and important resistance is at 74.50 and later at 75.05. Spot closed below its average level of the day.
Intra day supports and resistances for Sep contract are:
PP:74.25,S1:73.91, S2:73.68, R1:74.48, R2: 74.82
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 1.1965 and later at 1.21. Major support is at 1.17 with next support at 1.14. Daily MACD is in sell zone, implying an important top at 1.1967. Weekly MACD is in buy zone, implying important bottom at 1.0650.
GBP/USD: The pair may have peaked temporarily but is above major major moving averages.Daily MACD is in sell zone, implying important top at 1.3270 and weekly MACD is in buy zone, implying important bottom at 1.14. Important support is at 1.2980 and later at 1.2670. Important resistance is at 1.3270.
USD/YEN: The pair is below major moving averages. Daily MACD is in sell zone, implying important top at 107. Next important resistance is at 107. Important support is at 104.10.
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