USDINR opened at 73.82 y’day and the pair traded in the 73.74-73.89 range. Spot USDINR closed at 73.88 , gain of 1 ps for USD as against prior close of 73.87. RBI reference rate was fixed at 74.15 on 20/11. Dec USD/INR closed at 74.09, loss of 6 ps for USD as compared to prior day’s close of 74.15. Dec Euro/INR closed at 88.19, GBP/INR at 98.91 and Yen/INR at 71.05.
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 1% y’day.DOW declined 173 points (0.58%) on Wednesday .Nikkei climbed 0.91% and Hang seng climbed 0.56%.
Euro is now at 1.1843,Pound at 1.3324,Yen at 104.55.
Commodities: Gold is now at USD 1808 and WT1Crude at USD 45/Brent at USD 47.80.
Interest rates: USD 10 Yr yield is at 0.89% and 3 m libor closed at 0.25%. Indian 10 yr benchmark yield closed at 5.88%.
Economic news: FOMC minutes showed that members pledged to continue monetary support as the pandemic continues to cast uncertainity over pace of recovery.
Data highlights: – US weekly jobless claims climbed to 778k, durables order climbed 1.3% m/m, trade deficit was -80.3 bn.
-US new home sales climbed to 999k, Personal income declined -0.7% m/m, spending climbed 0.5% m/m and PCE data was flat m/m.
Friday’s calendar: – No major data release.
| USD/INR | 73.89 | 73.74 | |
| EUR/USD | 1.1904 | 1.1898 | 1.1839 |
| GBP/USD | 1.3361 | 1.3381 | 1.3293 |
| USD/JPY | 104.49 | 104.75 | 104.14 |
Daily Support/Resistance table
| CurrencyPairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.1913 | 1.1941 | 1.1969 | 1.1996 | 1.1885 | 1.1857 | 1.1829 |
| GBP/USD | 1.3358 | 1.3394 | 1.3434 | 1.3470 | 1.3318 | 1.3282 | 1.3242 |
| USD/JPY | 104.29
|
104.37 | 104.48 | 104.56 | 104.18 | 104.10
|
103.98
|
| USD/INR | 73.83 | 73.93 | 73.98 | 73.77 | 73.68 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Curency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.1745/1.16 | 1.1920/1.2020 | UP | DN<1.16 |
| GBP/USD | 1.305/1.2850 | 1.33/1.3485 | UP | DN<1.2850 |
| USD/JPY | 103.10/101.20 | 105.65/106.10 | DN | UP>105.65 |
| USD/INR | 73.80/73.60 | 74.90 | UP | DN<73.50 |
| USD/CHF | 0.8980 | 0.9210 | DN | UP>0.9210 |
Technicals: Spot closed above 100 and 200 day moving average. 20 day moving average is at 74.25. 50 day moving average is at 73.75.200 day moving average is at 74.36. Daily MACD is in sell zone, implying top at 74.86. Important support is at 73.75/73.55 and important resistance is at 74.90 . Spot closed above average level of the day.
Intra day supports and resistances for Dec contract are:
PP:74.05,S1:73.98, S2:73.87, R1:74.16, R2: 74.23.
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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