USDINR opened at 73.17 y’day and the pair traded in the 73.05-73.19 range. Spot USDINR closed at 73.11 , loss of 7 ps for USD as against prior close of 73.18. RBI reference rate was fixed at 73.10 on 05/01. Jan USD/INR closed at 73.25, loss of 13 ps for USD as compared to prior day’s close of 73.38. Jan Euro/INR closed at 90.36, GBP/INR at 99.99 and Yen/INR at 71.18.
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 declined 0.47% y’day.DOW climbed 437 points (1.44%).Nikkei declined 0.38% and Hang seng climbed 0.15%.
Euro is now at 1.2332,Pound at 1.3620,Yen at 103.08.
Commodities: Gold is now at USD 1921 and WT1Crude at USD 50.73/Brent at USD 54.38.
Interest rates: USD 10 Yr yield is at 1.03% and 3 m libor closed at 0.23%. Indian 10 yr benchmark yield closed at 5.89%.
Economic news: Equities and Crosses traded higher, shrugging off political chaos in US capital. The EU economy contracted for a second successive month in December, deteriorating at a slightly faster rate than previously thought at the end of the year due to intensifying COVID-19 restriction. Crude rallied on Saudi Oil cut.
Data highlights: – US ADP employment report showed job loss of 123k jobs and factory orders climbed 1% m/m.
-EU PMI(services) was finalised at 46.4 and PPI climbed 0.4% m/m.
-UK PMI(services) declined to 49.4.
Thursday’s calendar: – US FOMC Minutes, weekly jobless claims and ISM(non mfrg)
-EU CPI, retail sales and factory orders
Daily Support/Resistance table
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
Technicals: Spot closed below 100 and 200 day moving average. 20 day moving average is at 73.47. 50 day moving average is at 73.86.200 day moving average is at 74.65. Daily MACD is in sell zone, implying top at 73.95. Important support is at 72.90 and important resistance is at 73.40/73.55 . Spot closed at average level of the day.
Intra day supports and resistances for Jan contract are:
PP:73.28,S1:73.18, S2:73.12, R1:73.34, R2: 73.44.
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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