USDINR opened at 73.79 y’day and the pair traded in the 73.69-73.94 range. Spot USDINR closed at 73.93 , gain of 13 ps for USD as against prior close of 73.80. RBI reference rate was fixed at 73.79 on 27/11. Dec USD/INR closed at 74.10, gain of 7 ps for USD as compared to prior day’s close of 74.03. Dec Euro/INR closed at 89.80, GBP/INR at 99.41 and Yen/INR at 71.03.
FII’S nett bought Rs 61712 Cr of Indian Equities in Nov . FII’S nett sold Rs 1314 Cr of Indian debt securities in Nov . In this financial year, FII’S have nett bought Rs 158910 Cr of Equities and have sold Rs 32346 Cr in debt. In FY 19-20, FII’s sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty climbed 0.15% y’day.DOW climbed 85 points (0.29%) y’day .Nikkei climbed 0.03% and Hang seng climbed 0.74%.
Euro is now at 1.2148,Pound at 1.3456,Yen at 103.79.
Commodities: Gold is now at USD 1842 and WT1Crude at USD 45.89/Brent at USD 49.95.
Interest rates: USD 10 Yr yield is at 0.91% and 3 m labor closed at 0.25%. Indian 10 yr benchmark yield closed at 5.91%.
Economic news: Indian Nov exports declined 9% to USD 23.43 bn. Exports during April-November 2020-21 were USD 173.49 billion, as compared to USD 211.17 billion during the same period last year, exhibiting a negative growth of 17.84%. Imports declined 13.33% to USD 38.52 bn. Imports during April-November 2020-21 were USD 215.67 billion, as compared to USD 324.9 billion during the same period last year, exhibiting a negative growth of 33.56%.
Trade deficit for Nov stands at USD 9.96 bn.
US Fiscal stimulus discussions and brexit negotiation talks continued and kept markets buoyant.
Data highlights: – US weekly jobless claims declined to 712k and ISM(non mfrg) held steady at 55.9.
-EU PMI(services) was reported at 41.7 and retail sales climbed 1.5% m/m.
-UK PMI(services) climbed to 47.6.
Friday’s calendar: – US nonfarm payrolls and factory orders
-German factory orders
-UK PMI(construction)
| USD/INR | 73.95 | 73.69 | |
| EUR/USD | 1.2148 | 1.2177 | 1.2101 |
| GBP/USD | 1.3456 | 1.3500 | 1.3353 |
| USD/JPY | 103.79 | 104.54 | 103.68 |
Daily Support/Resistance table
| CurrencyPairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.2141 | 1.2181 | 1.2217 | 1.2256 | 1.2105 | 1.2056 | 1.2030 |
| GBP/USD | 1.3435 | 1.3517 | 1.3582 | 1.3664 | 1.3370 | 1.3288 | 1.3223 |
| USD/JPY | 104.02
|
104.36 | 104.88 | 105.22 | 103.50 | 103.16
|
102.64
|
| USD/INR | 73.85 | 74.02 | 74.11 | 73.75 | 73.59 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Curency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.1880/1.18/1.1745 | 1.2010/1.2130 | UP | DN<1.1745 |
| GBP/USD | 1.305/1.2850/1.27 | 1.3485 | UP | DN<1.3050 |
| USD/JPY | 103.10/101.20 | 105.65/106.10 | DN | UP>105.65 |
| USD/INR | 73.45 | 74.10/74.40/74.90 | 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 74.20. 50 day moving average is at 73.80.200 day moving average is at 74.45. Daily MACD is in sell zone, implying top at 74.86. Important support is at 73.45 and important resistance is at 74.10 . Spot closed above average level of the day.
Intra day supports and resistances for Dec contract are:
PP:74.04,S1:73.75, S2:73.59, R1:74.02, R2: 74.11.
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 1.2020 and later at 1.2130. Major support is at 1.1880/1.18. 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 1.3050/1.2850 . Important resistance is at 1.34/1.3485.
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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