USDINR opened gap up at 73.77 y’day and the pair traded in the 73.18-73.78 range. Spot USDINR closed at 73.55 , gain of 9 ps for USD as against prior close of 72.46. RBI reference rate was fixed at 73.04 on 26/02. Mar USD/INR closed at 74.74, gain of 54 ps for USD as compared to prior day’s close of 72.20. Mar Euro/INR closed at 88.89, GBP/INR at 102.92 and Yen/INR at 69.15.

Rupee opened lower at 73.77, but gained to 73.18 in mid afternoon trade. However, it edged lower to close at. USD continued to remain strong against Euro. Global and Indian indices recovered as yields stabilised.

FII’S nett bought Rs 27918 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 258565 Cr of Equities and have sold Rs  30624 Cr in debt. In FY 19-20, FII’s sold Rs 10200 Cr of Equities and 47393 cr of debt.

Benchmark Nifty climbed 1.6% y’day. DOW climbed 603 points(1.95%).Nikkei climbed 2.41% and Hang seng climbed 1.63% .

Euro is now at 1.2035,Pound at 1.3914,Yen at 106.92.      

Commodities: Gold is now at USD 1722 and WT1Crude at USD 60.20/Brent at USD 63.20.

Interest rates: USD 10 Yr yield is at 1.42% and 3 m libor closed at 0.23%. Indian 10 yr benchmark yield closed at 6.22%.

Economic news: Indian PMI(mfrg) was reported at 57.5, another strong data.

Focus is on OPEC meet and US non farm payrolls. Bank for International Settlements said that Central banks “will have to work out what the implications of rising bond yield for their objectives and respond accordingly,”

Data highlights: – US ISM(mfrg) climbed to 60.8, construction spending climbed 1.7% m/m.

-EU PMI(mfrg) was finalised at 57.9.

-UK PMI(mfrg) climbed to 55.1.

Tuesday’s calendar: – EU CPI

Daily Support/Resistance table

MAJOR SUPPORTS/RESISTANCES AND TREND TABLE

Technicals: Spot closed above 50,100 day moving averages but still below 200 day moving average. 20 day moving average is at 72.83. 50 day moving average is at 73.08.07.200 day moving average is at 74.15. Daily MACD is in buy zone, implying bottom at 72.30. Important support is at 72.80/72.30 and important resistance is at 73.80/74 . Spot closed above its average level of the day.

Intra day supports and resistances for Mar contract are:

PP:73.77,S1:73.44, S2:73.15, R1:74.06, R2: 74.39                        

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 1.3760/1.3565 . Important resistance is at 1.4250.

USD/YEN: The pair is above 50 and 200 day major moving averages. Daily MACD is in buy zone, implying important bottom at 104.40. Next important resistance is at 107.20. Important support is at 105.80/104.90.

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