USDINR opened at 74.42 y’day and the pair traded in the 74.25-74.41 range. Spot USDINR closed at 74.40 , loss of 35 ps for USD as against prior close of 74.75. RBI reference rate was fixed at 74.32 on 03/11. Nov USD/INR closed at 74.23, gain of 57 ps for USD as compared to prior day’s close of 74.80. Nov Euro/INR closed at 87.65, GBP/INR at 96.97 and Yen/INR at 71.23.
FII’S nett bought Rs 19806 Cr of Indian Equities in Oct . FII’S nett bought Rs 2815 Cr of Indian debt securities in Oct . In this financial year, FII’S have nett bought Rs 99289 Cr of Equities and have sold Rs 25733 Cr in debt. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty climbed 1.78% y’day. DOW climbed 367 points (1.34%).Nikkei climbed 1.73% and Hang seng climbed 3.25%.
Euro is now at 1.1823,Pound at 1.3132,Yen at 103.53.
Commodities: Gold is now at USD 1943 and WT1Crude at USD 38.05/Brent at USD 40.20.
Interest rates: USD 10 Yr yield is at 0.74% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 5.86%.
Economic news: Euro climbed higher and Rupee gained. Global asset markets rallied as optimism took hold anticipating Biden’s victory. However, uncertainity remains as legal challenge is mounted over close results.
Data highlights: – US weekly jobless claims
-German factory orders climbed 0.5% m/m and EU retail sales declined -2% m/m.
-UK PMI(construction) dipped to 53.1.
Friday’s calendar: – US NFP
-German industrial production.
| USD/INR | 74.41 | 74.25 | |
| EUR/USD | 1.1823 | 1.1861 | 1.1710 |
| GBP/USD | 1.3132 | 1.3155 | 1.2930 |
| USD/JPY | 103.53 | 104.57 | 103.44 |
Daily Support/Resistance table
| CurrencyPairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.1797 | 1.1884 | 1.1947 | 1.2034 | 1.1733 | 1.1647 | 1.1583 |
| GBP/USD | 1.3076 | 1.3222 | 1.3301 | 1.3448 | 1.2997 | 1.2851 | 1.2771 |
| USD/JPY | 103.83
|
104.22 | 104.95 | 105.34 | 103.09 | 102.70
|
101.97
|
| USD/INR | 74.35 | 74.45 | 75.51 | 74.29 | 74.19 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Curency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.1610 | 1.1880 | SIDE | DN<1.16 |
| GBP/USD | 1.2610 | 1.3175/1.3275 | SIDE | DN<1.2860 |
| USD/JPY | 104.10 | 106.10/107.50 | DN | UP>106.10 |
| USD/INR | 73.95/73.75 | 74.90 | UP | DN<73.50 |
| USD/CHF | 0.9030 | 0.93 | SIDE | DN<0.90 |
Technicals: Spot closed below 100 and 200 day moving average. 20 day moving average is at 73.70. 50 day moving average is at 73.60.200 day moving average is at 74.17. Daily MACD is in buy zone, implying bottom at 73.03. Important support is at 73.98/73.75 and important resistance is at 74.90 . Spot closed above its average level of the day.
Intra day supports and resistances for Nov contract are:
PP:74.33,S1:74.12, S2:74, R1:74.45, R2: 74.66.
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 major moving averages, but below 50 day average. Next Major resistance is at 1.1890 and later at 1.20. Major support is at 1.1610. Daily MACD is in sell zone, implying an important top at 1.1890. Weekly MACD is in sell zone, implying important top at 1.20.
GBP/USD: The pair is above 100 and 200 major moving averages, but below 50 day average. Daily MACD is in sell zone, implying important top at 1.3178 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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