USDINR opened at 73.37 on Friday and the pair traded in the 73.01-73.47 range. Spot USDINR closed at 73.14 , loss of 34 ps for USD as against prior close of 73.48. RBI reference rate was fixed at 73.34 on Thursday. Sep USD/INR closed at 73.31, loss of 35 ps for USD as compared to prior day’s close of 73.66. Sep Euro/INR closed at 86.92, GBP/INR at 97.39 and Yen/INR at 69.08.
FII’S have nett bought Rs 1682 Cr of Indian Equities in Sept till date . FII’S have nett bought Rs 57 Cr of Indian debt securities in Sept till date. In this financial year, FII’S have nett bought Rs 86855 Cr of Equities and have sold Rs 37770 Cr in debt. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty declined 1.68% on Friday. DOW declined 159 points (0.56%) on Friday.Nikkei declined 1.11% and Hang seng declined 1.25% on Friday.
Euro is now at 1.1848,Pound at 1.3281,Yen at 106.18.
Commodities: Gold is now at USD 1940 and WT1Crude at USD 39.50/Brent at USD 43.66.
Interest rates: USD 10 Yr yield is at 0.72% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 5.93%.
Economic news: US Non-Farm payrolls employment grew 1371k in August. Unemployment rate dropped sharply to 8.4%, down from 10.2% and average hourly earnings rose 0.4% m/m. BLS said: “These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it.
Indian FM asserted that economy is in V-Shaped recovery following lifting of lockdowns.
Data highlights : – -German factory orders climbed 2.8% m/m.
-UK PMI(construction) dipped to 54.6.
Monday’s calendar: – German industrial production and EU sentix investor confidence.
Daily Support/Resistance table
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
Technicals: Spot closed below 200 day moving average. 20 day moving average is at 74.25. 50 day moving average is at 74.75.200 day moving average is at 73.75. Daily MACD is in sell zone, implying top at 75.10. Important support is at 72.70 and important resistance is at 73.80 and later at 74.50. Spot closed below its average level of the day.
Intra day supports and resistances for Sep contract are:
PP:73.42,S1:73.06, S2:72.81, R1:73.67, R2: 74.03
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 buy zone, implying important bottom at 105.10. Next important resistance is at 107. Important support is at 105.10 and later at 104.10.
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