USDINR opened at 73.43 y’day and the pair traded in the 73.24-73.47 range. Spot USDINR closed at 73.25 , loss of 13 ps for USD as against prior close of 73.38. RBI reference rate was fixed at 73.45 on 11/01. Jan USD/INR closed at 73.38, loss of 16 ps for USD as compared to prior day’s close of 73.54. Jan Euro/INR closed at 89.18, GBP/INR at 99.67 and Yen/INR at 70.44.
FII’S nett bought Rs 4202 Cr of Indian Equities in Jan . FII’S nett bought Rs 45 Cr of Indian debt securities in Jan . In this financial year, FII’S have nett bought Rs 215995 Cr of Equities and have sold Rs 21744 Cr in debt. In FY 19-20, FII’s sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty climbed 0.96% y’day..DOW climbed 60 points (0.19%).Nikkei climbed 0.09% and Hang seng climbed 1.32% y’day
Euro is now at 1.2207,Pound at 1.3674,Yen at 103.56.
Commodities: Gold is now at USD 1855 and WT1Crude at USD 53.60/Brent at USD 57.
Interest rates: USD 10 Yr yield is at 1.12% and 3 m libor closed at 0.23%. Indian 10 yr benchmark yield closed at 5.92%.
Economic news: Indian CPI eased to 4.59% in Dec. The decline in retail inflation in December was mainly due to easing food prices. The Consumer Food Price Index (CFPI) or the inflation in the food basket eased to 3.41 per cent in the month of December, down from 9.50 per cent in November.
IIP contracted -1.9% in Nov. Mfrg sector declined -1.3%, mining declined -7.3%, electricity sector grew by 3.5%.
Data highlights: – No major data release.
Wednesday’s calendar: – US CPI
-EU industrial production.
| USD/INR | 73.47 | 73.24 | |
| EUR/USD | 1.2207 | 1.2210 | 1.2137 |
| GBP/USD | 1.3674 | 1.3671 | 1.3505 |
| USD/JPY | 103.56 | 104.34 | 103.72 |
Daily Support/Resistance table
| CurrencyPairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.2185 | 1.2233 | 1.2258 | 1.2306 | 1.2160 | 1.2112 | 1.2087 |
| GBP/USD | 1.3614 | 1.3723 | 1.3780 | 1.3889 | 1.3557 | 1.3448 | 1.3392 |
| USD/JPY | 103.94
|
104.16 | 104.55 | 104.77 | 103.54 | 103.33
|
102.93
|
| USD/INR | 73.32 | 73.40 | 73.55 | 73.17 | 73.09 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Curency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.2130/1.2060 | 1.2345 | UP | DN<1.2050 |
| GBP/USD | 1.3430/1.3329/1.3135 | 1.3710 | UP | DN<1.31 |
| USD/JPY | 102.60 | 104.75/105.65 | DN | UP>105.70 |
| USD/INR | 72.90 | 73.50/73.65 | DN | SIDE>73.95 |
| USD/CHF | 0.8755 | 0.8990/0.9030 | DN | UP>0.9030 |
Technicals: Spot closed below 100 and 200 day moving average. 20 day moving average is at 73.41. 50 day moving average is at 73.81.200 day moving average is at 74.65. Daily MACD is in buy zone, implying bottom at 72.90. Important support is at 72.90 and important resistance is at 73.50 . Spot closed below its average level of the day.
Intra day supports and resistances for Jan contract are:
PP:73.45,S1:73.25, S2:73.14, R1:73.57, R2: 73.76.
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, but declined below 20 day moving average. Major resistance is at 1.2345. Major support is at 1.2150/1.2060. Daily MACD is in sell zone, implying an important top at 1.2345. 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 sell zone, implying important top at 1.3705 and weekly MACD is in buy zone, implying important bottom at 1.2675. Important support is at 1.3430/1.3330 . Important resistance is at 1.3710.
USD/YEN: The pair is below major moving averages. Daily MACD is in buy zone, implying important bottom at 102.60. Next important resistance is at 104.75/105.70. Important support is at 102.60.
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