• BUSINESS ENQUIRY :
  • +91 80122 78000
  • BUSINESS ENQUIRY :
  • 044 4032 9999 / 044 4020 5050

Business Enquiry :

+91 80122 78000

Business Enquiry :

044 4032 9999 / 044 4020 5050

FX – MORNING UPDATE :

FX – MORNING UPDATE :
  • By Goodwill
  • No Comments
  • February 8, 2024

FX – MORNING UPDATE :

FX Morning Update USD INR February 8, 2024

USDINR opened at 83.04 y’day and the pair traded in the 82.94-83.04 range. Spot USDINR closed at 82.97, loss of 7 ps for USD as against prior close of 83.04.

Thank you for reading this post, don't forget to subscribe!

RBI reference rate was fixed at 82.98 on 07/02. Feb USD/INR closed at 83.04, loss of 7 ps for USD as compared to prior day’s close of 83.11. Feb Euro/INR closed at 89.52, GBP/INR at 104.87 and Yen/INR at 56.29. 1 year USDINR fwd premia was trading at around 1.78% p.a.  FX reserves stood at USD 616.73 bn, as on Jan 26 th.

PAIRS

RBI REF RATE (07/02)

USDINR

82.98

EURINR

89.29

GBPINR

104.58

JPYINR

56.05

In Feb, FPI’S have bought Rs 312 Cr of Equities and bought Rs 2267 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 closed flat (0%) y’day. US S&P climbed 40 points (0.82%) y’day. Nikkei declined 0.08% and Hang Seng declined 0.34% y’day.

Euro is now at 1.0783, Pound at 1.2633, Yen at 148.32.

Commodities: Gold is now at USD 2036 and WT1Crude at USD 74.20/Brent at USD 79.50.

Interest rates: USD 10 Yr yield is at 4.11% and 3 m libor closed at 5.52%. Indian 10 yr benchmark yield closed at 7.08%.

Economic news: Fed members preferred cautious approach to rate adjustments even though they acknowledged progress in inflation management and possible economic soft landing.

Data highlights: – German industrial production declined -1.6% m/m.

Thursday’s calendar : –  US Weekly jobless claims

USD/INR

 

  

 83.04

82.94

EUR/USD

1.0766

  

1.0784

1.0753

GBP/USD

1.2611

  

1.2643

1.2591

USD/JPY

147.88

  

148.41

147.93

Daily Support/Resistance table

Currency Pairs

Pivot

R1

R2

R3

S1

S2

S3

EURO/USD

1.0769

1.0785

1.0801

1.0817

1.0754

1.0737

1.0722

GBP/USD

1.2620

1.2649

1.2672

1.2701

1.2597

1.2568

1.2545

USD/JPY

148.04

148.45

148.70

149.11

147.79

147.38

147.12

USD/INR

82.98

83.02

83.08

 

82.92

82.88

 

 MAJOR SUPPORTS/RESISTANCES AND TREND TABLE

Currency Pair

Supports

Resistances

Trend

Remarks

EURO/USD

1.0770/1.0725

1.09

SIDE

UP>1.09

GBP/USD

1.2560/1.2480

1.28

SIDE

UP>1.28

USD/JPY

146/144.35

148.90/150

UP

SIDE<145.90

USD/INR

82.80

83.18/83.24

SIDE

UP>83.35

USD/CHF

0.8550

0.8850

SIDE

DN>0.8550

Technicals: Spot closed below 20 and 50 day average but above 200 day moving averages.20 day moving average is at 83.06. 50 day moving average is at 83.18.200 day moving average is at 82.78. Daily MACD is in sell zone. Important support is at 82.80 and important resistance is at 83.08/83.18. Spot closed  the average level of the dbeloway.

Intraday supports and resistances for Feb contract are:

PP: 83.05, S1:82.99, S2:82.94, R1:83.10, R2:83.16.             

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 between major moving averages. Major resistance is at 1.09/1.10. Next major support is at 1.0770/1.0725. 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 between 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 1.2550/1.2480. Important resistance is at 1.28/1.30.

USD/YEN: The pair is above all major moving averages. Daily MACD is in buy zone, implying important bottom at 145.90. Important resistance is at 148.90/150 and support is at 145.90/144.35.

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

Risk Disclosures
on Derivatives

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Source: SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

Attention Investor

KYC is one time exercise while dealing in securities markets – once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc), you need not undergo the same process again when you approach another intermediary. No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor’s account. Prevent Unauthorized Transactions in your Demat account\Trading account: Update your Mobile Number with your Depository Participant\Exchange. Receive alerts on your Registered Mobile for all debit and other important transactions in your Demat account\Trading account directly from Depository\Exchange on the same day………issued in the interest of investors.
The Stock Exchange, Mumbai is not in any manner answerable, responsible or liable to any person or persons for any acts of omission or commission, errors, mistakes and/or violation, actual or perceived, by us or our partners, agents, associates etc., of any of the Rules, Regulations, Bye-laws of the Stock Exchange, Mumbai, SEBI Act or any other laws in force from time to time. The Stock Exchange, Mumbai is not answerable, responsible or liable for any information on this Website or for any services rendered by our employees, our servants, and us.
Please DO NOT disclose your User ID and/or Passwords to any person, even Goodwill staff never ask you to share the same. Goodwill is NEITHER liable for any loss arising from your sharing of your password with anyone, NOR from its consequent unauthorized use.

Invest In

Others

 

Important Links

Useful Links

Flow Chart

Policy

 

Investor Complaints

Important Links

Get Social

Facebook Twitter Youtube
Goodwill Wealth Management Pvt Ltd |       MCX : 11095 | SEBI Regn. No : INZ000177036
Clearing Code |       NSE : M52003 | BSE : 6648
CDSL DP |       DP ID : 12084200 | SEBI Regn. No : IN - DP - CDSL - 309 - 2017
Research Analyst |       SEBI Regn. No : INH200005179
Mutual Funds |  ARN : 182218

Proprietary Trading Disclosure:In terms of provisions of the Rules, Bye-Laws and Business Rules of the Exchange and with reference to circular MCX/T&S/147/2016 dated May 17, 2016 regarding Disclosure of Proprietary Account Trading by broker to client.,Pursuant to SEBI Circular Number SEBI/MRD/SEC/Cir-42/2003 dated November 19, 2003 & SEBI/HO/CDMRD/DMP/CIR/P/2016/49 dated April 25, 2016 GOODWILL WEALTH MANAGEMENT PVT LTD. Discloses to its clients about its policies on proprietary trades.