FX MORNING UPDATE  :

USDINR opened at 75.55 y’day and the pair traded in the 75.47-75.65 range. Spot USDINR closed at 75.55, loss of 5 ps for USD as against prior close of 75.60. RBI reference rate was fixed at 75.59 on 22/12Dec USD/INR closed at 75.61, loss of 1 ps for USD as compared to prior day’s close of 75.62. Dec Euro/INR closed at 85.42, GBP/INR at 100.65 and Yen/INR at 66.18. USDINR fwd premia was trading at around 4.55% p.a.  FX reserves stands at USD 635.83 bn.

PAIRS RBI REF RATE (22/12)
USDINR 75.59
EURINR 85.21
GBPINR 100.17
JPYINR 66.23

In Dec, FII’S have net sold Rs 7745 cr in Equity segment and have net sold Rs 3898 cr of debt. In this financial year, FII’S have net sold Rs 1069 Cr worth of Indian Equities and have bought Rs 16427 Cr worth of Indian debt. In 2020-21 financial Year, FII’S nett bought Rs 2,74,203 Cr of Equities and have sold Rs  42820 Cr in debt.

Benchmark Nifty climbed 261 points (0.74%). DOW climbed 560 points (1.60%). Nikkei climbed 0.16% and Hang seng climbed 0.57% y’day.

Euro is now at 1.1337, Pound at 1.3350, Yen at 114.14.

Commodities: Gold is now at USD 1804 and WT1Crude at USD 73/Brent at USD 73.55.

Interest rates: USD 10 Yr yield is at 1.46% and 3 m libor closed at 0.17%. Indian 10 yr benchmark yield closed at 6.46%.

Economic news: Sterling recovered despite weaker than expected final GDP.

Data highlights: – US GDP(final) was better at 2.3% q/q and existing home sales dipped to 6.46 mn.

-UK GDP(final) was reported at 1.1% q/q.

Thusday’s calendar: – US Personal income, spending and Core PCE index

-US Weekly jobless claims, durables order and new home sales

USD/INR      75.65 75.47
EUR/USD     1.1286 1.1343 1.1264
GBP/USD     1.3350 ` 1.3363 1.3240
USD/JPY      114.14 114.36 114

Daily Support/Resistance table

Currency Pairs Pivot R1 R2 R3 S1 S2 S3
EURO/USD 1.1311 1.1358 1.1390 1.1437 1.1279 1.1232 1.1201
GBP/USD 1.3318 1.3396 1.3441 1.3519 1.3273 1.3195 1.3150
USD/JPY 114.16 114.32 114.53 114.69 113.96 113.79 113.59
USD/INR 75.55 75.64 75.73   75.45 75.37  

MAJOR SUPPORTS/RESISTANCES AND TREND TABLE

Currency Pair Supports Resistances Trend Remarks
EURO/USD 1.12 1.1385/1.1510 DN UP>1.17
GBP/USD 1.3170 1.3470 DN UP>1.3850
USD/JPY 112.50 114.70/115.40 SIDE DN<112.50
USD/INR 75.70 76.35 UP SIDE<75.70
USD/CHF 0.9150 0.9375 SIDE DN<0.9150

Technicals: Spot closed above 50 and 100, 200 day major moving averages.20 day moving average is at 75.41. 50 day moving average is at 75.03.200 day moving average is at 73.86. Daily MACD is in buy zone, implying bottom at 73.83. Important resistance is at 76.32/76.90 and important support is at 75.10 and later at 74.80. Spot closed at its average level of the day.

Intraday supports and resistances for Dec contract are:

PP: 75.62, S1:75.52, S2:75.44, R1:75.71, R2:75.80             

Hedging strategy: Hedging decisions be taken according to comfort and accounting rates.

However on directional basis, suggest the following:

USDINR exports hedging can be done.

Exporters can hedge EURINR receivables exposure.

CROSS CURRENCY TECHNICALS:

EURO/USD: The pair is below 50, 100 and 200 day moving averages. Major resistance is at 1.1385/1.1535. Next major support is at 1.12. Daily MACD is in buy zone, implying an important bottom at 1.1185. Weekly MACD is in sell zone, implying important top at 1.2270.

GBP/USD: The pair is below 50 and 200 day moving averages. Daily MACD is in buy zone, implying important bottom at 1.3170 and weekly MACD is in sell zone, implying important top at 1.4240. Important support is at 1.3170. Important resistance is at 1.3470/1.3610.

USD/YEN: The pair is above 200 day, but below 50 day major moving averages. Daily MACD is in buy zone, implying important bottom at 112.50. Next important resistance is at 115. Important support is at 112.50.

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FX MORNING UPDATE 

FX MORNING UPDATE

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