USDINR opened at 73.95 y’day and the pair traded in the 73.71-73.98 range. Spot USDINR closed at 73.71 , loss of 14 ps for USD as against prior close of 73.85. RBI reference rate was fixed at 73.58 on Friday. Nov USD/INR closed at 73.86, loss of 32 ps for USD as compared to prior day’s close of 74.18. Nov Euro/INR closed at 87.30, GBP/INR at 96.29 and Yen/INR at 70.57.
FII’S nett bought Rs 15907 Cr of Indian Equities in Oct . FII’S nett bought Rs 2688 Cr of Indian debt securities in Sept . In this financial year, FII’S have nett bought Rs 95390 Cr of Equities and have sold Rs 25860 Cr in debt. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty climbed 1.36% y’day. DOW declined 222 points (0.80%).Nikkei declined 0.04% and Hang seng declined 0.53%.
Euro is now at 1.1786,Pound at 1.3034,Yen at 104.46.
Commodities: Gold is now at USD 1910 and WT1Crude at USD 38.80/Brent at USD 40.91.
Interest rates: USD 10 Yr yield is at 0.76% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 5.84%.
Economic news: Indian Equities bounced back and Rupee recovered from prior day loss. USD is trading sideways against majors as focus is on increasing infections in US and EU.
Data highlights: – US durables order climbed 1.9% m/m, house price index climbed 1.5% m/m and consumer confidence dipped to 100.9.
Wednesday’s calendar: – No major data release.
| USD/INR | 73.96 | 73.71 | |
| EUR/USD | 1.1786 | 1.1839 | 1.1769 |
| GBP/USD | 1.3034 | 1.3080 | 1.3001 |
| USD/JPY | 104.46 | 104.83 | 104.39 |
Daily Support/Resistance table
| CurrencyPairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.1797 | 1.1825 | 1.1867 | 1.1894 | 1.1755 | 1.1727 | 1.1685 |
| GBP/USD | 1.3037 | 1.3073 | 1.3116 | 1.3152 | 1.2994 | 1.2958 | 1.2915 |
| USD/JPY | 104.59
|
104.79 | 105.03 | 105.24 | 104.35 | 104.15
|
103.90
|
| USD/INR | 73.79 | 73.87 | 74.04 | 73.62 | 73.54 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Curency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.1610 | 1.1920/1.20 | UP | DN<1.16 |
| GBP/USD | 1.2610 | 1.3175/1.3275 | UP | DN<1.2860 |
| USD/JPY | 104.10 | 106.10/107.50 | DN | UP>106.10 |
| USD/INR | 73.50 | 73.98/74.10 | DN | UP>74 |
| USD/CHF | 0.90 | 0.9165/0.93 | DN | SIDE>0.91 |
Technicals: Spot closed below 200 day moving average. 20 day moving average is at 73.45. 50 day moving average is at 73.63.200 day moving average is at 74.10. Daily MACD is in buy zone, implying bottom at 73.03. Important support is at 73.55/73 and important resistance is at 73.98 and later at 74.10. Spot closed below its average level of the day.
Intra day supports and resistances for Nov contract are:
PP:73.97,S1:73.73, S2:73.61, R1:74.10, R2: 74.33.
Hedging strategy for USD/INR: Hedging decisions be taken according to comfort and accounting rates.
CROSS CURRENCY TECHNICALS:
EURO/USD: The pair is above major moving averages. Next Major resistance is at 1.1920 and later at 1.20. Major support is at 1.1610. Daily MACD is in buy zone, implying an important bottom at 1.1610. Weekly MACD is in sell zone, implying important top at 1.20.
GBP/USD: The pair is above all major 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 1.2860/1.2670 . Important resistance is at 1.3175/1.3275.
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 104.10.
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