USDINR opened at 73.23 y’day and the pair traded in the 73.23-73.69 range. Spot USDINR closed at 73.62 , gain of 22 ps for USD as against prior close of 73.40. RBI reference rate was fixed at 73.35 on Friday. Sep USD/INR closed at 73.48, loss of 3 ps for USD as compared to prior day’s close of 73.51. Sep Euro/INR closed at 87.74, GBP/INR at 97.96 and Yen/INR at 69.39.
FII’S have nett bought Rs 36640 Cr of Indian Equities in August till date . FII’S have nett sold Rs 142 Cr of Indian debt securities in August till date. In this financial year, FII’S have nett bought Rs 83967 Cr of Equities and have sold Rs 34812 Cr in debt. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty declined 2.23% y’day. DOW declined 227 points (0.78%) y’day.Nikkei climbed 1.12% and Hang seng declined 0.61% Y’DAY.
Euro closed the week at 1.1957,Pound at 1.3376,Yen at 105.82.
Commodities: Gold is now at USD 1981 and WT1Crude at USD 42.88/Brent at USD 45.60.
Interest rates: USD 10 Yr yield is at 0.711% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 6.09%.
Economic news: Indian Q1 GDP shrank -23.9% in Q1. Agri sector grew by 3.4%, while manufacturing declined -39.3%.Construction sector contracted -50.3%. Trade services contracted -47%. Rupee declined and Indian Equities fell steeply after early gains y’day on reports of border tension with China.
Data highlights : – No major data release.
Tuesday’s calendar: – US ISM(mfrg), construction spending
-EU PMI(mfrg), CPI and unemployment rate
Daily Support/Resistance table
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
Technicals: Spot closed below 200 day moving average. 20 day moving average is at 74.60. 50 day moving average is at 74.90.200 day moving average is at 73.65. Daily MACD is in sell zone, implying top at 75.10. Important support is at 72.70 and important resistance is at 74.50 and later at 75.05. Spot closed above its average level of the day.
Intra day supports and resistances for Sep contract are:
PP:73.53,S1:73.15, S2:72.83, R1:73.85, R2: 74.23
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 1.1755 with next support at 1.1580. 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 has turned bullish again. Daily MACD is in buy zone, implying important bottom at 1.2980 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 1.35.
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 105.10 and later at 104.10.
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