USDINR opened at 72.36 y’day and the pair traded in the 72.30-72.47 range. Spot USDINR closed at 72.47 , loss of 3 ps for USD as against prior close of 72.50. RBI reference rate was fixed at 72.36 on 22/02. Feb USD/INR closed at 72.54, gain of 7 ps for USD as compared to prior day’s close of 72.47. Feb Euro/INR closed at 88.09, GBP/INR at 102.10 and Yen/INR at 68.85.
FII’S nett bought Rs 26336 Cr of Indian Equities in Feb . FII’S nett sold Rs 692 Cr of Indian debt securities in Jan . In this financial year, FII’S have nett bought Rs 256983 Cr of Equities and have sold Rs 25886 Cr in debt. In FY 19-20, FII’s sold Rs 10200 Cr of Equities and 47393 cr of debt.
Benchmark Nifty climbed 0.22% y’day. DOW climbed 15 points(0.05%).Nikkei climbed 0.46% and Hang seng climbed 1.03% .
Euro is now at 1.2161,Pound at 1.4164,Yen at 105.38.
Commodities: Gold is now at USD 1809 and WT1Crude at USD 61/Brent at USD 64.
Interest rates: USD 10 Yr yield is at 1.34% and 3 m libor closed at 0.23%. Indian 10 yr benchmark yield closed at 6.18%.
Economic news: Equity markets continued to correct, probably weighed down by fears of new restrictions imposed in some parts of the country. Rupee could not breach 72.30 and ended marginally better at 72.47.
Data highlights: – US house price index climbed 10.1% y/y.
-UK unemployment rate was reported at 5.1%.
Wednesday’s calendar: – US new home sales
| USD/INR | 72.47 | 72.30 | |
| EUR/USD | 1.2161 | 1.2179 | 1.2135 |
| GBP/USD | 1.4164 | 1.4121 | 1.4054 |
| USD/JPY | 105.38 | 105.43 | 104.93 |
Daily Support/Resistance table
| currency pairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.2155 | 1.2175 | 1.2199 | 1.2219 | 1.2131 | 1.2111 | 1.2086 |
| GBP/USD | 1.4098 | 1.4142 | 1.4165 | 1.4209 | 1.4075 | 1.4031 | 1.4008 |
| USD/JPY | 105.22
|
105.51 | 105.72 | 106.01 | 105.01 | 104.72
|
104.51
|
| USD/INR | 72.41 | 72.52 | 72.58 | 72.35 | 72.24 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Curency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.1950 | 1.2145/1.2220/1.2350 | SIDE | UP>1.2150 |
| GBP/USD | 1.3565 | 1.4050 | UP | DN<1.3565 |
| USD/JPY | 104.40 | 105.70/106.20 | SIDE | DN<103.95 |
| USD/INR | 72.30 | 72.75/72.90 | DN | SIDE>72.90 |
| USD/CHF | 0.8890 | 0.8990/0.9045 | DN | UP>0.9045 |
Technicals: Spot closed below 100 and 200 day moving average. 20 day moving average is at 72.83. 50 day moving average is at 73.14.200 day moving average is at 74.27. Daily MACD is in sell zone, implying top at 73.50. Important support is at 72.30 and important resistance is at 72.75/72.90 . Spot closed above its average level of the day.
Intra day supports and resistances for Feb contract are:
PP:72.48,S1:72.39, S2:72.25, R1:72.62, R2: 72.71.
Hedging strategy for USD/INR: Hedging decisions be taken according to comfort and accounting rates.
CROSS CURRENCY TECHNICALS:
EURO/USD: The pair is below 50 moving average, but above 100 and 200 day moving average. Major resistance is at 1.2150. Major support is at 1.1950. Daily MACD is in buy zone, implying an important bottom at 1.1950. 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 1.3565 and weekly MACD is in buy zone, implying important bottom at 1.2675. Important support is at 1.3565 . Important resistance is at 1.4050.
USD/YEN: The pair is above 50 day major moving average, but still below 200 day moving average . Daily MACD is in buy zone, implying important bottom at 104.40. Next important resistance is at 106.20. Important support is at 104.40/104.
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