USDINR opened at 73.77 Y’day and the pair traded in the 73.76-73.91 range. Spot USDINR closed at 73.85 , gain of 7 ps for USD as against prior close of 73.78. RBI reference rate was fixed at 73.73 on Friday. Oct USD/INR closed at 74, gain of 11 ps for USD as compared to prior day’s close of 73.89. Oct Euro/INR closed at 86.62, GBP/INR at 95.08 and Yen/INR at 70.07.
FII’S have nett sold Rs 1671 Cr of Indian Equities in Sept till date . FII’S have nett bought Rs 3468 Cr of Indian debt securities in Sept till date. In this financial year, FII’S have nett bought Rs 85246 Cr of Equities and have sold Rs 37596 Cr in debt. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty declined 0.05% y’day. DOW climbed 410 points (1.51%).Nikkei climbed 0.12% and Hang seng declined 0.85%.
Euro is now at 1.1731,Pound at 1.2841,Yen at 105.62
Commodities: Gold is now at USD 1894 and WT1Crude at USD 38.95/Brent at USD 41.16.
Interest rates: USD 10 Yr yield is at 0.66% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 6.04%.
Economic news: USD declined against majors. Walmart is reported to be in talks with Tata group for USD 25 bn investment in e commerce.
Data highlights : – US house price index climbed 3.9% y/y and consumer confidence was better than expected at 101.8.
-US goods trade deficit widened to USD -82.9B in August, from July’s USD -80.1B. larger than expectation of USD -81.8B. Exports of goods rose USD 3.2B over July to USD 118.3B. Imports of goods rose USD 6.0B to USD 201.3B.
-Eurozone Economic Sentiment Indicator rose to 91.1 in September, up from 87.5
Wednesday’s calendar: – US Pending home sales and Chicago PMI
-German retail sales.
Daily Support/Resistance table
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
Technicals: Spot closed below 200 day moving average. 20 day moving average is at 73.55. 50 day moving average is at 74.18.200 day moving average is at 73.90. Daily MACD is in buy zone, implying bottom at 72.70. Important support is at 73.45/73.15 and important resistance is at 74 and later at 74.50. Spot closed above its average level of the day.
Intra day supports and resistances for Oct contract are:
PP:74,S1:73.88, S2:73.78, R1:74.11, R2: 74.22.
Hedging strategy for USD/INR: Hedging decisions be taken according to comfort and accounting rates.
CROSS CURRENCY TECHNICALS:
EURO/USD: The pair is above 100 and 200 day major moving averages, but below 20 and 50 day moving averages. Next Major resistance is at 1.1750 and later at 1.19. Major support is at 1.1580. Daily MACD is in sell zone, implying an important top at 1.20. Weekly MACD is in sell zone, implying important top at 1.20.
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 sell zone, implying important top at 1.3484. Important support is at 1.2670/1.2470 . 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 buy zone, implying important bottom at 104. Next important resistance is at 107. Important support is at at 104.10.
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