USDINR opened at 73.49 y’day and the pair traded in the 73.38-73.64 range. Spot USDINR closed at 73.59 , gain of 19 ps for USD as against prior close of 73.40. RBI reference rate was fixed at 73.31 on Monday. Sep USD/INR closed at 73.50, loss of 7 ps for USD as compared to prior day’s close of 73.57. Sep Euro/INR closed at 86.42, GBP/INR at 94.42 and Yen/INR at 70.32.
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 0.86%. DOW declined 509 points (1.84%).Nikkei climbed 0.18% and Hang seng declined 0.98%.
Euro is now at 1.1683,Pound at 1.2723,Yen at 105.16.
Commodities: Gold is now at USD 1905 and WT1Crude at USD 41.52/Brent at USD 39.59.
Interest rates: USD 10 Yr yield is at 0.67% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 6.01%.
Economic news: German economic think tank Ifo said Germany’s recession was “rather mild compared with other countries”. Spread of the coronavirus was brought under control with less restrictive measures. Markets await US Fed Chairman’s testimony.
Data highlights : – US existing home sales dipped to 6 mn.
-EU Consumer confidence was reported at -14.
Wednesday’s calendar: – EU PMI(mfrg-flash) and PMI(services-flash)
-UK PMI(mfrg-flash) and PMI(services-flash)
| USD/INR | 73.64 | 73.38 | |
| EUR/USD | 1.1683 | 1.1772 | 1.1693 |
| GBP/USD | 1.2723 | 1.2867 | 1.2711 |
| USD/JPY | 105.16 | 105.07 | 104.41 |
Daily Support/Resistance table
| CurrencyPairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.1724 | 1.1755 | 1.1803 | 1.1835 | 1.1676 | 1.1645 | 1.1597 |
| GBP/USD | 1.2774 | 1.2837 | 1.2930 | 1.2992 | 1.2681 | 1.2618 | 1.2525 |
| USD/JPY | 104.85
|
105.29 | 105.51 | 105.95 | 104.63 | 104.19
|
103.96
|
| USD/INR | 73.53 | 73.69 | 73.79 | 73.42 | 73.27 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| 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 | 73.25/73.15/72.70 | 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 73.50. 50 day moving average is at 74.30.200 day moving average is at 73.84. Daily MACD is in buy zone, implying bottom at 72.70. Important support is at 73.25/73.15/72.70 and important resistance is at 73.65/73.80 and later at 74.50. Spot closed above its average level of the day.
Intra day supports and resistances for Sep contract are:
PP:73.53,S1:73.38, S2:73.27, R1:73.64, R2: 73.78.
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 1.19 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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