USDINR opened at 73.43 on Friday and the pair traded in the 73.26-73.44 range. Spot USDINR closed at 73.32 , loss of 6 ps for USD as against prior close of 73.38. RBI reference rate was fixed at 73.26 on Thursday. Oct USD/INR closed at 73.43, loss of 8 ps for USD as compared to prior day’s close of 73.51. Oct Euro/INR closed at 86.11, GBP/INR at 94.80 and Yen/INR at 69.78.
FII’S nett bought Rs 9047 Cr of Indian Equities in Oct . FII’S nett bought Rs 296 Cr of Indian debt securities in Sept . In this financial year, FII’S have nett bought Rs 88530 Cr of Equities and have sold Rs 28252 Cr in debt. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty climbed 0.70% on Friday. DOW climbed 112 points (0.39%).Nikkei declined 0.41% and Hang seng climbed 0.94%.
Euro closed the week at 1.1719,Pound at 1.2913,Yen at 105.40.
Commodities: Gold is now at USD 1902 and WT1Crude at USD 40.80/Brent at USD 42.80.
Interest rates: USD 10 Yr yield is at 0.749% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 5.94%.
Economic news: Surging Corona infections in Europe and stalled fiscal stimulus talks in US were the highlights of last week developments. Equity markets tuned choppy and USD gained against Euro.
Data highlights: US retail sales jumped more than expected by 1.9% m/m, industrial production declined -0.6% m/m.
Monday’s calendar: – No major data release.
Daily Support/Resistance table
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
Technicals: Spot closed below 200 day moving average. 20 day moving average is at 73.44. 50 day moving average is at 73.81.200 day moving average is at 74.05. Daily MACD is in buy zone, implying bottom at 73.03. Important support is at 73/72.70 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:73.42,S1:73.33, S2:73.24, R1:73.51, R2: 73.60.
Hedging strategy for USD/INR: Hedging decisions be taken according to comfort and accounting rates.
CROSS CURRENCY TECHNICALS:
EURO/USD: The pair is above 200 but below 50 day major moving averages. Next Major resistance is at 1.1825 and later at 1.20. Major support is at 1.1610. Daily MACD is in sell zone, implying an important top at 1.1825. Weekly MACD is in sell zone, implying important top at 1.20.
GBP/USD: The pair is above 200 day moving average, but below 50 day average. 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 1.3085.
USD/YEN: The pair is below major moving averages. Daily MACD is in sell zone, implying important top at 106.10. Next important resistance is at 106.10/107.50. Important support is at at 104.10.
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