USDINR opened at 74.11 y’day and the pair traded in the 74.04-74.22 range. Spot USDINR closed at 74.15 , loss of 12 ps for USD as against prior close of 74.27. RBI reference rate was fixed at 74.15 on 20/11. Nov USD/INR closed at 74.07, loss of 12 ps for USD as compared to prior day’s close of 74.19. Nov Euro/INR closed at 88.12, GBP/INR at 98.90 and Yen/INR at 71.38.
FII’S nett bought Rs 45732 Cr of Indian Equities in Oct . FII’S nett bought Rs 1304 Cr of Indian debt securities in Oct . In this financial year, FII’S have nett bought Rs 142210 Cr of Equities and have sold Rs 29728 Cr in debt. In FY 19-20, FII’s have sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty climbed 0.53% y’day.DOW climbed 327 points (1.12%) .Nikkei declined 0.42% and Hang seng climbed 0.13%.
Euro is now at 1.1843,Pound at 1.3324,Yen at 104.55.
Commodities: Gold is now at USD 1831 and WT1Crude at USD 43/Brent at USD 46.
Interest rates: USD 10 Yr yield is at 0.87% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 5.88%.
Economic news: US business activity across both manufacturing and services rose in November at the strongest rate since March 2015. PMI Composite rose to 57.9, up from 56.3, a 68-month high. EU PMI Composite dropped to 45.1, down from 50.0, also a 6-month low.
USD sold off and Stocks rallied on more positive news on coronavirus treatment. British drugmaker AstraZeneca said it’s vaccine could be around 90% effective, and as many as 200 millions doses could be ready by year end.
US Equity indices gained on reports that former Fed Chairperson Yellen would be nominated as next US Treasury secretary. She is considered to be having strong pro stimulus views.
Data highlights: – EU PMI(mfrg) climbed to 53.6 and PMI(services) declined to 41.3.
-UK PMI(mfrg) climbed to 55.2 and PMI(services) climbed to 45.8.
Tuesday’s calendar: – US House price index and consumer confidence.
Daily Support/Resistance table
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
Technicals: Spot closed above 100 and 200 day moving average. 20 day moving average is at 74.22. 50 day moving average is at 73.76.200 day moving average is at 74.36. Daily MACD is in sell zone, implying top at 74.86. Important support is at 73.80/73.75 and important resistance is at 74.90 . Spot closed below average level of the day.
Intra day supports and resistances for Nov contract are:
PP:74.11,S1:73.99, S2:73.73, R1:74.18, R2: 74.29.
Hedging strategy for USD/INR: Hedging decisions be taken according to comfort and accounting rates.
CROSS CURRENCY TECHNICALS:
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 buy zone, implying important bottom at 1.2675. Important support is at 1.2850/1.2670 . Important resistance is at 1.33/1.3485.
USD/YEN: The pair is below major moving averages. Daily MACD is in sell zone, implying important top at 105.70. Next important resistance is at 105.70/106.10. Important support is at 103.10/101.20.
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