FX – MORNING UPDATE :
USDINR opened at 83.10 Y’day and the pair traded in the 83.055-83.17 range. Spot USDINR closed at 83.14, loss of 1 ps for USD as against prior close of 83.15.
RBI reference rate was fixed at 83.07 on 08/01. Jan USD/INR closed at 83.20 y’day, loss of 2 ps for USD as compared to prior day’s close of 83.22. Jan Euro/INR closed at 90.89, GBP/INR at 105.58 and Yen/INR at 57.59. 1 year USDINR fwd premia was trading at around 1.80% p.a. FX reserves stood at USD 623 bn as on Dec 29 th. FX reserves climbed USD 2.75 bn, last week.
|
PAIRS |
RBI REF RATE (08/01) |
|
USDINR |
83.07 |
|
EURINR |
90.89 |
|
GBPINR |
105.58 |
|
JPYINR |
57.59 |
In Jan, FPI’S have bought Rs 2665 Cr of Equities and bought Rs 2632 Cr of debt . In last calendar year, FII’S have net bought Rs 172853 Cr of Equities and have net bought Rs 70489 Cr of debt.
Benchmark Nifty declined 197 points (0.91%) y’day. US S&P climbed 66 points y’day (1.41%) y’day. Nikkei climbed 0.27% and Hang Seng declined 1.93% y’day.
Euro is now at 1.0962, Pound at 1.2761, Yen at 143.62.
Commodities: Gold is now at USD 2034 and WT1Crude at USD 71/Brent at USD 76.50.
Interest rates: USD 10 Yr yield is at 4.015% and 3 m libor closed at 5.59%. Indian 10 yr benchmark yield closed at 7.20%.
Economic news: US CPI, Indian CPI and IIP data are important data events for coming week.
Dallas Fed President emphasized the importance of maintaining tight financial conditions to prevent resurgence of inflation. She expressed concern that if these conditions are not sustained, progress made in controlling inflation could be reversed.
Data highlights: – EU Sentix investor confidence dipped to -15.8.
-German factory orders climbed 0.3% m/m and EU retail sales declined -0.3% m/m.
Tuesday’s calendar : – No major data release.
|
USD/INR |
|
83.17 |
83.055 |
|
|
EUR/USD |
1.0962 |
1.0979 |
1.0922 |
|
|
GBP/USD |
1.2761 |
1.2768 |
1.2672 |
|
|
USD/JPY |
143.62 |
144.26 |
143.43 |
Daily Support/Resistance table
|
Currency Pairs |
Pivot |
R1 |
R2 |
R3 |
S1 |
S2 |
S3 |
|
EURO/USD |
1.0950 |
1.0978 |
1.1007 |
1.1035 |
1.0921 |
1.0893 |
1.0864 |
|
GBP/USD |
1.2729 |
1.2786 |
1.2825 |
1.2882 |
1.2690 |
1.2633 |
1.2593 |
|
USD/JPY |
144.27 |
144.88 |
145.54 |
146.15 |
143.61 |
143 |
142.34 |
|
USD/INR |
83.12 |
83.19 |
83.24 |
|
83.07 |
83 |
|
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
|
Currency Pair |
Supports |
Resistances |
Trend |
Remarks |
|
EURO/USD |
1.0875/1.0760 |
1.1010/1.1275 |
SIDE |
UP>1.1010 |
|
GBP/USD |
1.2610 |
1.2810/1.30 |
SIDE |
DN<1.2610 |
|
USD/JPY |
142.85/141.70 |
146.50/147.50 |
UP |
DN<141 |
|
USD/INR |
82.95/82.80 |
83.35/83.45 |
SIDE |
UP>83.35 |
|
USD/CHF |
0.8330 |
0.8650 |
DN |
UP>0.8650 |
Technicals: Spot closed below 20 and 50 day average but above 200 day moving averages.20 day moving average is at 83.22. 50 day moving average is at 83.27.200 day moving average is at 82.71. Daily MACD is in sell zone. Important support is at 82.90/82.80 and important resistance is at 83.35/83.45. Spot closed above the average level of the day.
Intraday supports and resistances for Jan contract are:
PP: 83.18, S1:83.13, S2:83.06, R1:83.25, R2:83.30.
Hedging strategy: Hedging decisions be taken according to comfort and accounting rates.
However on directional basis, suggest the following:
USD exports be hedged at 83.35/83.40. Imports be hedged at 82.92/82.80 for 3 months.
CROSS CURRENCY TECHNICALS:
EURO/USD: The pair is above major moving averages. Major resistance is at 1.1275. Next major support is at 1.0875/1.0740. Daily MACD is in sell zone, implying an important top at 1.1275. Weekly MACD is in buy zone, implying important bottom at 1.0450.
GBP/USD: The pair is above all major moving averages. Daily MACD is in sell zone, implying important top at 1.2810 and weekly MACD is in buy zone, implying important bottom at 1.25. Important support is at 1.2610/1.25. Important resistance is at 1.2810/1.30.
USD/YEN: The pair is below 200 day moving average. Daily MACD is in buy zone, implying important bottom at 140. Important resistance is at 146.50/147.50 and support is at 140.
temp mail
January 12, 2024I loved as much as you’ll receive carried out right here. The sketch is attractive, your authored material stylish. nonetheless, you command get bought an nervousness over that you wish be delivering the following. unwell unquestionably come more formerly again as exactly the same nearly a lot often inside case you shield this hike.
newseotools12
January 14, 2024Ive read several just right stuff here Certainly price bookmarking for revisiting I wonder how a lot effort you place to create this kind of great informative website
metlife
January 15, 2024I have no idea how I got here, but I thought this post was fantastic. I don’t know who you are, but if you aren’t already, you will become a well-known blogger. Cheers.
Asheville Auto Glass
February 3, 2024The way you connect with your readers is exceptional.
auto glass shop near ft. bragg
February 5, 2024Your posts are a beacon of clarity in a crowded digital world.
Wadesboro windshield
February 6, 2024I always learn something new from your posts. Thank you for the education!
Blowing Rock auto glass
February 6, 2024I appreciate the unique viewpoints you bring to your writing. Very insightful!
28227 auto glass shop
February 26, 2024Your writing is like a beacon of light in the darkness, guiding us towards knowledge and understanding. Asheville appreciates your blog!