USDINR opened at 73.51 y’day and the pair traded in the 73.28-73.56 range. Spot USDINR closed at 73.33 , loss of 13 ps for USD as against prior close of 73.46. RBI reference rate was fixed at 73.36 on Tuesday. Oct USD/INR closed at 73.47, loss of 11 ps for USD as compared to prior day’s close of 73.58. Oct Euro/INR closed at 86.51, GBP/INR at 94.52 and Yen/INR at 69.32.
FII’S nett sold Rs 5689 Cr of Indian Equities in Sept t . FII’S nett bought Rs 3009 Cr of Indian debt securities in Sept . In this financial year, FII’S have nett bought Rs 79484 Cr of Equities and have sold Rs 34818 Cr in debt. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty climbed 0.66% y’day. DOW declined 375 points (1.34%).Nikkei declined 0.05% and Hang seng climbed 1.09%.
Euro is now at 1.1768,Pound at 1.2929,Yen at 106.
Commodities: Gold is now at USD 1887 and WT1Crude at USD 39.98/Brent at USD 42.10.
Interest rates: USD 10 Yr yield is at 0.75% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 6.04%.
Economic news: US President cancelled talks with Democrats on stimulus package details and said that he will bring bigger stimulus bill if elected to power. ECB official called for expanding EU pandemic relief fund. RBI’S MPC meet is scheduled for Oct 9 th.
Data highlights : – German industrial production declined -0.2% m/m.
Thursday’s calendar: -US Weekly jobless claims.
-ECB and BOE minutes.
| USD/INR | 73.56 | 73.28 | |
| EUR/USD | 1.1768 | 1.1783 | 1.1724 |
| GBP/USD | 1.2929 | 1.2931 | 1.2845 |
| USD/JPY | 106 | 196.12 | 105.60 |
Daily Support/Resistance table
| CurrencyPairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.1756 | 1.1788 | 1.1815 | 1.1846 | 1.1729 | 1.1697 | 1.1670 |
| GBP/USD | 1.2898 | 1.2951 | 1.2984 | 1.3037 | 1.2865 | 1.2812 | 1.2780 |
| USD/JPY | 105.89
|
106.18 | 106.42 | 106.71 | 105.66 | 105.36
|
105.13
|
| USD/INR | 73.39 | 73.50 | 73.67 | 73.22 | 73.11 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Curency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.1580 | 1.1750/1.1920/1.20 | SIDE | DN<1.15 |
| GBP/USD | 1.2670/1.2480 | 1.3010 | DN | UP>1.3010 |
| USD/JPY | 104.10 | 105.80/107 | DN | UP>107 |
| USD/INR | 72.70 | 73.52/73.98 | DN | UP>74.50 |
| USD/CHF | 0.90 | 0.92 | UP | DN<0.9150 |
Technicals: Spot closed below 200 day moving average. 20 day moving average is at 73.56. 50 day moving average is at 74.04.200 day moving average is at 73.94. Daily MACD is in sell zone, implying top at 73.98. Important support is at 72.70 and important resistance is at 73.53 and later at 73.98. Spot closed below its average level of the day.
Intra day supports and resistances for Oct contract are:
PP:73.55,S1:73.33, S2:73.19, R1:73.69, R2: 73.91.
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 between moving averages. Daily MACD is in buy zone, implying important bottom at 1.2674 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 105.80/107. Important support is at at 104.10.
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