USDINR opened at 73.48 on Friday and the pair traded in the 73.41-73.61 range. Spot USDINR closed at 73.54 , gain of 8 ps for USD as against prior close of 73.46. RBI reference rate was fixed at 73.35 on Thursday. Sep USD/INR closed at 73.65, loss of 10 ps for USD as compared to prior day’s close of 73.75. Sep Euro/INR closed at 87.33, GBP/INR at 94.52 and Yen/INR at 69.41.

FII’S have nett sold Rs 1152 Cr of Indian Equities in Sept till date . FII’S have nett bought Rs 1647 Cr of Indian debt securities in Sept till date. In this financial year, FII’S have nett bought Rs 85703 Cr of Equities and have sold Rs  39417 Cr in debt. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.

Benchmark Nifty climbed 0.13% on Friday. DOW climbed 131 points (0.46%).Nikkei climbed 0.74% and Hang seng climbed 0.78%.

Euro closed the week at 1.1847,Pound at 1.2793,Yen at 106.14. 

Commodities: Gold is now at USD 1948 and WT1Crude at USD 37.38./Brent at USD 39.80.

Interest rates: USD 10 Yr yield is at 0.660% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 6.05%.

Economic news: ECB maintained status quo, but was upbeat on recovery. GDP is expected to contract by -8% this year as against -8.7% in last update. Headline inflation is expected to steady at 0.3% this year. The reading is expected to improve to 1% (up from +0.8% in June) in 2021 and 1.3% in 2022.

ECB President noted that “the incoming data since our last monetary policy meeting in July suggest a strong rebound in activity broadly in line with previous expectations”. She added that “domestic demand has recorded a significant recovery from low levels” but warned that “elevated uncertainty about the economic outlook continues to weigh on consumer spending and business investment”. ECB Chief also added that Euro strength’s impact on inflation will be carefully assessed, without committing on the present trend and strength of EURO.

Data highlights : – – US CPI climbed 0.4% m/m.

-UK GDP climbed 6.6% m/m, Industrial and manufacturing production climbed 5.2% m/m and 6.3% m/m respectively.

Monday’s calendar: – Industrial production

USD/INR   73.61 73.41
EUR/USD 1.1847 1.1874 1.1814
GBP/USD 1.2793 1.2866 1.2763
USD/JPY 106.14 106.28 106.06

Daily Support/Resistance table

CurrencyPairs Pivot R1 R2 R3 S1 S2 S3
EURO/USD 1.1845 1.1876  1.1905    1.1816 1.1780  
GBP/USD 1.2807 1.2851  1.2910    1.2748 1.2704  
USD/JPY 106.16


106.26  106.38   106.04 105.94




USD/INR 73.52 73.63 73.72   73.43 73.32  


Curency Pair Supports Resistances Trend Remarks
EURO/USD 1.1755/1.1580 1.2018 UP SIDE<1.1755
GBP/USD 1.2670 1.2980 SIDE DN<1.2760
USD/JPY 105.10/104.10 107 DN UP>107
USD/INR 72.70 73.80/74.50 DN UP>74.50
USD/CHF 0.90 0.92 DN UP>0.92

Technicals: Spot closed below 200 day moving average. 20 day moving average is at 73.91. 50 day moving average is at 74.50.200 day moving average is at 73.80. 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 above its average level of the day.

Intra day supports and resistances for Sep contract are:

PP:73.63,S1:73.53, S2:73.41, R1:73.75, R2: 73.85                        

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


EURO/USD: The pair is above 50 and 200 day major moving average. Next Major resistance is at 1.2018 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 is set to enter into bear territory. Daily MACD  is in sell zone, implying important top at 1.3484 and weekly MACD is  in buy zone, implying important bottom at 1.14. Important support is at 1.2670 . Important resistance is at 1.2980 and later at around 1.31.

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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