FX MORNING UPDATE                                                                                      

USDINR opened at 73.98 on Friday and the pair traded in the 73.87-74.22 range. Spot USDINR closed at 74.20 , loss of 20 ps for USD as against prior close of 74.40. RBI reference rate was fixed at 74.05 on 06/11. Nov USD/INR closed at 74.27, gain of 4 ps for USD as compared to prior day’s close of 74.23. Nov Euro/INR closed at 88.12, GBP/INR at 97.52 and Yen/INR at 71.88.

FII’S nett bought Rs 16994 Cr of Indian Equities in Oct . FII’S nett bought Rs 3776 Cr of Indian debt securities in Oct . In this financial year, FII’S have nett bought Rs 96478 Cr of Equities and have sold Rs  31032 Cr in debt. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.

Benchmark Nifty climbed 1.18% on Friday. DOW declined 67 points (0.24%).Nikkei climbed 0.91% and Hang seng climbed 0.07%.

Euro closed the week at 1.1873,Pound at 1.3156,Yen at 103.33. 

Commodities: Gold is now at USD 1873 and WT1Crude at USD 37.46/Brent at USD 39.70.

Interest rates: USD 10 Yr yield is at 0.82% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 5.84%.

Economic news: US non-farm payroll employment grew 638k in October, above expectation of 600k. Unemployment dropped sharply to 6.9%, down from 7.9%, well below expectation of 7.7%. Labor force participation rate also rose 0.3% to 61.7%. Average hourly earnings rose just 0.1% mom, below expectation of 0.2% mom.

Data highlights: – -German industrial production climbed 1.6% m/m.

Monday’s calendar: – EU sentix investor confidence


USD/INR   74.22 73.87
EUR/USD 1.1873 1.1891 1.1795
GBP/USD 1.3156 1.3178 1.3092
USD/JPY 103.33 103.77 103.17

Daily Support/Resistance table

CurrencyPairs Pivot R1 R2 R3 S1 S2 S3
EURO/USD 1.1853 1.1911  1.1949    1.1815 1.1757  
GBP/USD 1.3142 1.3192  1.3156    1.3106 1.3028  
USD/JPY 103.42


103.67  104.02    103.07 102.82




USD/INR 74.09 74.32 74.44   73.96 73.74  


Curency Pair Supports Resistances Trend Remarks
EURO/USD 1.16 1.1880/1.1920/1.2020 UP DN<1.16
GBP/USD 1.2850/1.2610 1.3270 UP DN<1.2850
USD/JPY 101.20 105.35/106.10 DN UP>105.35
USD/INR 73.95/73.75 74.90 UP DN<73.50
USD/CHF 0.8885 0.9210 DN UP>0.9210

Technicals: Spot closed below 100 and 200 day moving average. 20 day moving average is at 73.75. 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 73.90/73.75 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:74.21,S1:74.02, S2:73.79, R1:74.45, R2: 74.63.                        

Hedging strategy for USD/INR: Hedging decisions be taken according to comfort and accounting rates.


EURO/USD: The pair is above all 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 1.2850 and weekly MACD is  in sell zone, implying important top at 1.3484. Important support is at 1.2850/1.2670 . Important resistance is at 1.3275.

USD/YEN: The pair is below major moving averages. Daily MACD is in sell zone, implying important top at 105.35. Next important resistance is at 105.35/106.10. Important support is at 101.20.

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