USDINR opened at 72.87 y’day and the pair traded in the 72.85-72.93 range. Spot USDINR closed at 72.89 , loss of 8 ps for USD as against the prior close of 72.97. RBI reference rate was fixed at 72.89 on 05/02. Feb USD/INR closed at 73.03, a loss of 7 ps for USD as compared to the prior day’s close of 73.10. Feb Euro/INR closed at 88.38, GBP/INR at 100.51, and Yen/INR at 69.75.
FII’S nett bought Rs 15136 Cr of Indian Equities in Feb . FII’S nett bought Rs 398 Cr of Indian debt securities in Jan . In this financial year, FII’S have nett bought Rs 245783 Cr of Equities and have sold Rs 24864 Cr in debt. In FY 19-20, FII’s sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty closed flat y’day. DOW declined 10 points(0.03%).Nikkei climbed 0.40% and Hang Seng climbed 0.53% .
Euro is now at 1.2111, Pound at 1.3806,Yen at 104.68.
Commodities: Gold is now at USD 1835 and WT1Crude at USD 58.30/Brent at USD 61.10.
Interest rates: USD 10 Yr yield is at 1.16% and 3 m libor closed at 0.23%. Indian 10 yr benchmark yield closed at 6.05%.
Economic news: It was a quiet day. Markets await expanded US stimulus package. Indian Equities continued to show resilience post budget. The rupee is steady as RBI continues to shore up USD.
Data highlights: – EU sentix investor confidence survey dipped to -0.2 and German industrial production was flat m/m.
Wednesday’s calendar: – US CPI
| USD/INR | 72.93 | 72.85 | |
| EUR/USD | 1.2111 | 1.2122 | 1.2048 |
| GBP/USD | 1.3806 | 1.3820 | 1.3743 |
| USD/JPY | 104.68 | 105.21 | 104.50 |
Daily Support/Resistance table
| currency pairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.2096 | 1.2144 | 1.2170 | 1.2217 | 1.2070 | 1.2022 | 1.1996 |
| GBP/USD | 1.3793 | 1.3843 | 1.3870 | 1.3921 | 1.3766 | 1.3716 | 1.3689 |
| USD/JPY | 104.77
|
105.04 | 105.48 | 105.75 | 104.33 | 104.06
|
103.61
|
| USD/INR | 72.89 | 72.93 | 72.97 | 72.85 | 72.81 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Curency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.1950 | 1.2220 | SIDE | UP>1.2235 |
| GBP/USD | 1.3565 | 1.3760 | UP | DN<1.3565 |
| USD/JPY | 104.40 | 105.70 | UP | DN<103.95 |
| USD/INR | 72.75 | 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 days moving average. 20-day moving average is at 73.02. 50-day moving average is at 73.33.200 day moving average is at 74.45. Daily MACD is in the sell zone, implying top at 73.50. Important support is at 72.75 and important resistance is at 73.50 . Spot closed at its average level of the day.
Intraday supports and resistances for Feb contract are:
PP:73.01,S1:72.94, S2:72.85, R1:73.10, R2: 73.17.
Hedging strategy for USD/INR: Hedging decisions be taken according to comfort and accounting rates.
CROSS CURRENCY TECHNICALS:
EURO/USD: The pair is below 20 and 50 moving averages, but above 100 and 200 days moving average. The major resistance is at 1.2225/1.2345. The major support is at 1.1950. Daily MACD is in the sell zone, implying an important top at 1.2345. Weekly MACD is in the buy zone, implying important bottom at 1.1610.
GBP/USD: The pair is above major moving averages. Daily MACD is in the sell zone, implying an important top at 1.3760 and weekly MACD is in the buy zone, implying important bottom at 1.2675. The important support is at 1.3565 . The important resistance is at 1.3760.
USD/YEN: The pair is above 50-day major moving average, but still below 200 day moving average. Daily MACD is in the buy zone, implying important bottom at 102.60. The next important resistance is at 105.70. The important support is at 104.40.
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