USDINR opened at 77.52 y’day and the pair traded in the 77.44-77.57 range. Spot USDINR closed at 77.52, loss of 6 ps for USD as against prior close of 77.58. RBI reference rate was fixed at 77.51 on 25/05. May USD/INR closed at 77.65, gain of 7 ps for USD as compared to prior day’s close of 77.58. May Euro/INR closed at 82.81, GBP/INR at 96.95 and Yen/INR at 61.10. USDINR fwd premia was trading at around 3.82% p.a. FX reserves stands at USD 597.73 bn as on 29/4.
| PAIRS | RBI REF RATE (25/05) |
| USDINR | 77.51 |
| EURINR | 82.93 |
| GBPINR | 97.27 |
| JPYINR | 61.05 |
In 2022-23, FII’S have sold 40537 Cr of Equities till date and have sold Rs 7327 Cr of debt till date. In 2021-22, FII’S net sold Rs 128897 cr in Equity segment and have net bought Rs 4805 cr of 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 declined 99 points (0.62%) y’day. DOW climbed 48 points (0.15%).Nikkei declined 0.26% and Hang Seng climbed 0.29%.
Euro is now at 1.0704, Pound at 1.2601, Yen at 127.44.
Commodities: Gold is now at USD 1851 and WT1Crude at USD 111/Brent at USD 112.
Interest rates: USD 10 Yr yield is at 2.76% and 3 m libor closed at 1.50%. Indian 10 yr benchmark yield closed at 7.36%.
Economic news: Rupee is steady in the 77.45-77.65 range.
Federal Reserve’s May meeting minutes showed the central bank was keen to move quickly on rate hikes to allow breathing room to reassess the pace of tightening later this year. Front loading rate hikes would allow the central bank breathing room to consider a policy readjustment later this year.
Data highlights: – : US Durables order climbed 0.4% m/m.
Thursday’s calendar : US Weekly jobless claims, pending home sales and GDP
| USD/INR | 77.57 | 77.44 | ||
| EUR/USD | 1.0704 | 1.0737 | 1.0643 | |
| GBP/USD | 1.2601 | 1.2594 | 1.2481 | |
| USD/JPY | 127.44 | 127.50 | 126.65 |
Daily Support/Resistance table
| Currency Pairs | Pivot | R1 | R2 | R3 | S1 | S2 | S3 |
| EURO/USD | 1.0689 | 1.0735 | 1.0783 | 1.0829 | 1.0641 | 1.0595 | 1.0548 |
| GBP/USD | 1.2554 | 1.2627 | 1.2667 | 1.2740 | 1.2514 | 1.2441 | 1.24 |
| USD/JPY | 127.10 | 127.55 | 127.94 | 128.39 | 126.70 | 126.26 | 125.86 |
| USD/INR | 77.51 | 77.58 | 77.64 | 77.45 | 77.38 |
MAJOR SUPPORTS/RESISTANCES AND TREND TABLE
| Currency Pair | Supports | Resistances | Trend | Remarks |
| EURO/USD | 1.0340 | 1.0640/1.0750 | DN | SIDE>1.0640 |
| GBP/USD | 1.2165/1.2030 | 1.2640/1.28 | DN | SIDE>1.2640 |
| USD/JPY | 127.10/125 | 131.30 | UP | DN<127.10 |
| USD/INR | 77.48/77.27/77.15 | 77.80/78 | UP | SIDE<77.48 |
| USD/CHF | 0.9740 | 0.9855/1.0066 | SIDE | UP>0.9855 |
Technicals: Spot closed above 200 day major moving averages.20 day moving average is at 77.10. 50 day moving average is at 76.53.200 day moving average is at 75.05. Daily MACD is in buy zone, implying bottom at 76. Important supports are at 77.48/77.27/77.15 and important resistance is at 77.80/78. Spot closed below its average level of the day.
Intraday supports and resistances for May contract are:
PP: 77.59, S1:77.53, S2:77.41, R1:77.71, R2:77.77.
Hedging strategy: Hedging decisions be taken according to comfort and accounting rates.
However on directional basis, suggest the following:
USDINR Exports can be partially hedged at 77.70+ levels.
CROSS CURRENCY TECHNICALS:
EURO/USD: The pair is below major moving averages. Major resistance is at 1.0640. Next major support is at 1.0350. Daily MACD is in buy zone, implying an important bottom at 1.0350. Weekly MACD is in sell zone, implying important top at 1.1498.
GBP/USD: The pair is below 50 and 200 day moving averages. Daily MACD is in buy zone, implying important bottom at 1.2165 and weekly MACD is in sell zone, implying important top at 1.3730. Important support is at 1.2165/1.2030. Important resistance is at 1.2640/1.28.
USD/YEN: The pair is above major moving averages. Daily MACD is in sell zone, implying important top at 131.30. Important support is at 127.10/125.
Click to open an Account : https://ekyc.gwcindia.in/client/
For all your investment needs feel free to reach us.
Give us Missed Call us on 90037 90027 . For Support : 044-40329999
