USDINR opened at 73.47 on Friday and the pair traded in the 73.55-73.78 range. Spot USDINR closed at 73.45 , loss of 20 ps for USD as against prior close of 73.65. RBI reference rate was fixed at 73.70 on Thursday. Sep USD/INR closed at 73.47, loss of 26 ps for USD as compared to prior day’s close of 73.73. Sep Euro/INR closed at 87.05, GBP/INR at 95.45 and Yen/INR at 70.33.

FII’S have nett bought Rs 4124 Cr of Indian Equities in Sept till date . FII’S have nett bought Rs 2285 Cr of Indian debt securities in Sept till date. In this financial year, FII’S have nett bought Rs 91027 Cr of Equities and have sold Rs  38779 Cr in debt. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.

Benchmark Nifty declined 0.74%. DOW declined 224 points (0.88%).Nikkei climbed 0.18% and Hang seng climbed 0.47%.

Euro closed the week at 1.1840,Pound at 1.2915,Yen at 104.55. 

Commodities: Gold is now at USD 1957 and WT1Crude at USD 41./Brent at USD 43.10.

Interest rates: USD 10 Yr yield is at 0.69% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 6.01%.

Economic news: No major economic news on Friday. Rupee swung in 40 ps range. It gained to 73.16 on foreign banks selling. However, PSU banks supported USD at lower levels. PSU banks have bought repeatedly at 73.15 and hence it could be an important indicator of near term support level for USD/INR. Focus will be on Fed Chairman’s testimony to US Congress.

Data highlights : – UK retail sales climbed 0.8% m/m.

Monday’s calendar: No major data release.

USD/INR   73.55 73.16
EUR/USD 1.1840 1.1871 1.1826
GBP/USD 1.2915 1.3001 1.2915
USD/JPY 104.55 104.88 104.26

Daily Support/Resistance table

CurrencyPairs Pivot R1 R2 R3 S1 S2 S3
EURO/USD 1.1845 1.1865  1.1891    1.1819 1.1799  
GBP/USD 1.2943  1.2972  1.3029   1.2885 1.2857  
USD/JPY 104.56


104.86  105.18   104.24 103.94




USD/INR 73.39 73.61 73.77   73.23 73.01


Curency Pair Supports Resistances Trend Remarks
EURO/USD 1.1755/1.1580 1.19/1.2020 UP SIDE<1.1755
GBP/USD 1.2670 1.3010 SIDE DN<1.2760
USD/JPY 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 73.58. 50 day moving average is at 74.38.200 day moving average is at 73.84. Daily MACD is in buy zone, implying bottom at 72.70. Important support is at 73.15/72.70 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:73.44,S1:73.23, S2:73, R1:73.67, R2: 73.88.                        

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 1.19 and later at 1.2020. 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 1.30 and later at around 1.31.

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 at 104.10.

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