USDINR opened at 73.89 y’day and the pair traded in the 73.73-73.91 range. Spot USDINR closed at 73.76 , loss of 9 ps for USD as against prior close of 73.85. RBI reference rate was fixed at 73.88 on 22/12. Dec USD/INR closed at 73.75, loss of 19 ps for USD as compared to prior day’s close of 73.94. Dec Euro/INR closed at 89.87, GBP/INR at 99.02 and Yen/INR at 71.32.
FII’S nett bought Rs 39725 Cr of Indian Equities in Dec . FII’S nett bought Rs 5962 Cr of Indian debt securities in Dec . In this financial year, FII’S have nett bought Rs 198635 Cr of Equities and have sold Rs 25804 Cr in debt. In FY 19-20, FII’s sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty climbed 1.03% y’day.DOW climbed 114 points (0.38%) y’day.Nikkei climbed 0.33% and Hang seng climbed 0.86%.
Euro is now at 1.2210,Pound at 1.3533,Yen at 103.57.
Commodities: Gold is now at USD 1881 and WT1Crude at USD 48.30/Brent at USD 51.40.
Interest rates: USD 10 Yr yield is at 0.95% and 3 m libor closed at 0.23%. Indian 10 yr benchmark yield closed at 5.96%.
Economic news: Global markets are heading towards long holiday season. Indian Equity indices continued to climb higher, supporting Rupee.
Data highlights: – US Durables order climbed 0.4% m/m and weekly jobless claims dipped to 803k.
-US New home sales declined to 841k, Personal income declined -1.1% m/m, spending declined -0.4% m/m and Core PCE index was flat m/m.
Thursday’s calendar: – No data release.
| USD/INR | 73.91 | 73.73 | |
| EUR/USD | 1.2210 | 1.2220 | 1.2154 |
| GBP/USD | 1.3533 | 1.3569 | 1.3372 |
| USD/JPY | 103.57 | 103.65 | 103.36 |
Daily Support/Resistance table
| CurrencyPairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.2189 | 1.2224 | 1.2255 | 1.2290 | 1.2158 | 1.2123 | 1.2091 |
| GBP/USD | 1.3485 | 1.3598 | 1.3682 | 1.3795 | 1.3401 | 1.3288 | 1.3204 |
| USD/JPY | 103.52
|
103.68 | 103.81 | 103.97 | 103.39 | 103.23
|
103.09
|
| USD/INR | 73.80 | 73.87 | 73.98 | 73.69 | 73.62 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Curency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.2060/1.1985 | 1.2470 | UP | DN<1.19 |
| GBP/USD | 1.34/1.3225 | 1.3710 | UP | DN<1.31 |
| USD/JPY | 103.10/101.20 | 104.75/105.65 | DN | UP>104.75 |
| USD/INR | 73.45 | 73.95/74.40 | DN | SIDE>73.95 |
| USD/CHF | 0.87 | 0.8980/0.9030 | DN | UP>0.9030 |
Technicals: Spot closed below 100 and 200 day moving average. 20 day moving average is at 73.73. 50 day moving average is at 73.84.200 day moving average is at 74.60. Daily MACD is in buy zone, implying bottom at 73.40. Important support is at 73.40 and important resistance is at 73.95/74.40 . Spot closed below average level of the day.
Intra day supports and resistances for Dec contract are:
PP:73.82,S1:73.63, S2:73.51, R1:73.94, R2: 74.13.
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 1.2470. Major support is at 1.2060/1.1960. Daily MACD is in buy zone, implying an important bottom at 1.1610. Weekly MACD is in buy zone, implying important bottom at 1.1610.
GBP/USD: The pair is above major moving averages . Daily MACD is in buy zone, implying important bottom at 1.3135 and weekly MACD is in buy zone, implying important bottom at 1.2675. Important support is at 1.34/1.3225 . Important resistance is at 1.3710.
USD/YEN: The pair is below major moving averages. Daily MACD is in sell zone, implying important top at 104.75. Next important resistance is at 104.75/105.70. Important support is at 103.10//101.20.
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