FX MORNING UPDATE :

USDINR opened at 76.93 Y’day and the pair traded in the 76.72-76.95 range. Spot USDINR closed at 76.91, loss of 6 ps for USD as against prior close of 76.97. RBI reference rate was fixed at 76.88 on 08/03Mar USD/INR closed at 77.17, gain of 20 ps for USD as compared to prior day’s close of 76.97. Mar Euro/INR closed at 84.16, GBP/INR at 101.18 and Yen/INR at 66.65. USDINR fwd premia was trading at around 4.08% p.a.  

PAIRS RBI REF RATE (08/03)
USDINR 76.88
EURINR 83.48
GBPINR 100.78
JPYINR 66.58

In Mar, FII’S have net sold Rs 10586 cr in Equity segment and have net sold Rs 1728 cr of debt. In this financial year, FII’S have net sold Rs 68477 Cr worth of Indian Equities and have bought Rs 2726 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 150 points (0.95%) y’day. DOW declined 185 points (-0.56%). Nikkei declined 1.71% and Hang Seng declined 1.39% y’day.

Euro is now at 1.0862, Pound at 1.3112, Yen at 115.48.

Commodities: Gold is now at USD 2053 and WT1Crude at USD 125/Brent at USD 130.

Interest rates: USD 10 Yr yield is at 1.86% and 3 m libor closed at 0.29%. Indian 10 yr benchmark yield closed at 6.88%.

Economic newsRupee was steady as riskier assets steadied. Focus will be on developments in Ukraine and Oil prices. US banned Russian Oil imports.

Data highlights: – German industrial production

Wednesday’s calendar: – No major data

USD/INR      76.95 76.72
EUR/USD      1.0912 1.0959 1.0849
GBP/USD      1.3108 1.3145 1.3082
USD/JPY      115.91 115.79 115.32

Daily Support/Resistance table

Currency Pairs Pivot R1 R2 R3 S1 S2 S3
EURO/USD 1.0902 1.0955 1.1012 1.1065 1.0845 1.0792 1.0735
GBP/USD 1.3109 1.3136 1.3172 1.3198 1.3073 1.3046 1.3011
USD/JPY 115.61 115.90 116.08 116.37 115.43 115.14 114.96
USD/INR 76.86 77 77.09   76.77 76.63  

MAJOR SUPPORTS/RESISTANCES AND TREND TABLE

Currency Pair Supports Resistances Trend Remarks
EURO/USD 1.0885/1.1.0770 1.1130/1.1280 DN UP>1.1280
GBP/USD 1.3170/1.30 1.3440 DN UP>1.3630
USD/JPY 114.40 116.30 UP DN<114.40
USD/INR 76.35 77.40 UP SIDE<76.35
USD/CHF 0.9085 0.9345 SIDE DN<0.9085

Technicals: Spot closed above 200 day major moving averages.20 day moving average is at 75.40. 50 day moving average is at 74.86.200 day moving average is at 74.32. Daily MACD is in buy zone, implying bottom at 74.35. Important resistance is at 76.35 and important support is at 75.70. Spot closed above its average level of the day.

Intraday supports and resistances for Mar contract are:

PP: 77.12, S1:76.92, S2:76.68, R1:77.36, R2:77.56.             

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

However on directional basis, suggest the following:

USDINR exports can be hedged, despite technical weakness in Rupee.

CROSS CURRENCY TECHNICALS:

EURO/USD: The pair is below major major moving averages. Major resistance is at 1.1485. Next major support is at 1.0880/1.0760.. Daily MACD is in sell zone, implying an important top at 1.1485. Weekly MACD is in sell zone, implying important top at 1.1498.

GBP/USD: The pair is below all moving averages. Daily MACD is in sell zone, implying important top at 1.3650 and weekly MACD is in sell zone, implying important top at 1.3730. Important support is at 1.3170/1.30. Important resistance is at 1.3440.

USD/YEN: The pair is between moving averages. Daily MACD is in sell zone, implying important top at 116.30. Next important resistance is at 116.30. Important support is at 114.40/113.50.

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FX MORNING UPDATE

FX MORNING UPDATE

FX MORNING UPDATE 

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