USDINR opened at 73.10 on Friday and the pair traded in the 73.03-73.13 range. Spot USDINR closed at 73.12 , loss of 18 ps for USD as against prior close of 73.30. RBI reference rate was fixed at 73.36 on 29/12. Jan USD/INR closed at 73.29, gain of 2 ps for USD as compared to prior day’s close of 73.27. Jan Euro/INR closed at 89.72, GBP/INR at 99.84 and Yen/INR at 71.03.
FII’S nett bought Rs 52883 Cr of Indian Equities in Dec . FII’S nett bought Rs 4681 Cr of Indian debt securities in Dec . In this financial year, FII’S have nett bought Rs 211793 Cr of Equities and have sold Rs 21789 Cr in debt. In FY 19-20, FII’s sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty climbed 0.26% on Friday.DOW climbed 196 points (0.65%).Nikkei declined 0.45% and Hang seng climbed 0.31%.
Euro is now at 1.2304,Pound at 1.3643,Yen at 103.14.
Commodities: Gold is now at USD 1901 and WT1Crude at USD 48.45/Brent at USD 51.70.
Interest rates: USD 10 Yr yield is at 0.917% and 3 m libor closed at 0.23%. Indian 10 yr benchmark yield closed at 5.89%.
Economic news: GST collections climbed 11.6% in Dec 2020 to Rs 1.15 lac Cr. Economic recovery, e billing and crackdown on evasions were attributed to higher GST collection.
Auto companies reported robust wholesale sales. Maruti reported 20% increase in car sales to 1.4 lacs, Hyundai sales was up 25% to 47,400. Tata Motors reported 84% increase to 23,500. Auto makers believe that 2021 will be positive and supply chain problems will be resolved shortly. Diesel sales continued to recover and is at 97% of Dec 2019. Petrol sales climbed 8.7%. Digital payments has doubled in last 2 years.
Data highlights: – No major data release.
Monday’s calendar: – US Construction spending
-EU PMI(mfrg)
-UK PMI(mfrg)
| USD/INR | 73.13 | 73.03 | |
| EUR/USD | 1.2214 | 1.2309 | 1.2209 |
| GBP/USD | 1.3673 | 1.3687 | 1.3605 |
| USD/JPY | 103.17 | 103.61 | 102.96 |
Daily Support/Resistance table
| CurrencyPairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.2244 | 1.2279 | 1.2344 | 1.2179 | 1.2144 | ||
| GBP/USD | 1.3655 | 1.3705 | 1.3737 | 1.3623 | 1.3573 | ||
| USD/JPY | 103.24
|
103.53 | 103.89 | 102.87 | 102.59
|
|
|
| USD/INR | 73.09 | 73.15 | 73.19 | 73.05 | 72.99 |
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 | 1.34/1.3135 | 1.3710 | UP | DN<1.31 |
| USD/JPY | 103/101.20 | 104.75/105.65 | DN | UP>104.75 |
| USD/INR | 73.03/72.75 | 73.40/73.55 | DN | SIDE>73.95 |
| USD/CHF | 0.8820/0.87 | 0.8980/0.9030 | DN | UP>0.9030 |
Technicals: Spot closed below 100 and 200 day moving average. 20 day moving average is at 73.57. 50 day moving average is at 73.87.200 day moving average is at 74.65. Daily MACD is in sell zone, implying top at 73.95. Important support is at 73.03/72.75 and important resistance is at 73.40/73.55 . Spot closed above average level of the day.
Intra day supports and resistances for Jan contract are:
PP:73.47,S1:73.31, S2:73.26, R1:73.55, R2: 73.68.
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 1.3225/1.31355 . 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 103/101.20.
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