USDINR opened at 73.30 y’day and the pair traded in the 73.21-73.35 range. Spot USDINR closed at 73.24 , loss of 9 ps for USD as against prior close of 73.33. RBI reference rate was fixed at 73.36 on Tuesday. Oct USD/INR closed at 73.37, loss of 10 ps for USD as compared to prior day’s close of 73.47. Oct Euro/INR closed at 86.26, GBP/INR at 94.74 and Yen/INR at 69.27.
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 0.82% y’day. DOW climbed 122 points (0.43%).Nikkei climbed 0.96% and Hang seng declined 0.20%.
Euro is now at 1.1777,Pound at 1.2954,Yen at 105.84.
Commodities: Gold is now at USD 1914 and WT1Crude at USD 41.02/Brent at USD 43.17
Interest rates: USD 10 Yr yield is at 0.78% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 6.01%.
Economic news: Focus is on RBI monetary policy.
ECB attributed the recent appreciation in Euro exchange to two main drivers. The first and most important one was “substantial improvement in global risk sentiment” and “reversal of previous safe-have flows” into the US. The second was “likely related to monetary policies implemented in the United States and the euro area”. Looking ahead “market positioning remained tilted towards further euro appreciation”.Members considered that a further appreciation of Euro “constituted a risk to both growth and inflation”.
Data highlights : – US Weekly jobless claims was reported at 840k.
Friday’s calendar: -UK industrial and manufacturing production.
Daily Support/Resistance table
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
Technicals: Spot closed below 200 day moving average. 20 day moving average is at 73.53. 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:73.40,S1:73.30, S2:73.22, R1:73.47, R2: 73.58.
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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