• 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
  • September 22, 2023

FX – MORNING UPDATE :

FX Morning Update USD INR September 22, 2023

USDINR opened at 83.08 y’day and the pair traded in the 83-83.17 range. Spot USDINR closed at 83.07, loss of 1 ps for USD as against prior close of 83.08.

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

RBI reference rate was fixed at 83.15 on 21/09. Sep USD/INR closed at 83.06, loss of 6 ps for USD as compared to prior day’s close of 83.12. Sep Euro/INR closed at 88.46, GBP/INR at 101.87 and Yen/INR at 56.24. 1 year USDINR fwd premia was trading at around 1.74% p.a.  FX reserves stood at USD 594 bn as on Sept 8 th.

PAIRS

RBI REF RATE (21/09)

USDINR

83.15

EURINR

88.51

GBPINR

102.43

JPYINR

56.05

In Sep, FPI’S have sold Rs 6715 Cr of Equities and bought Rs 1382 Cr of debt . In 2022-23 fiscal year, FII’S have net sold Rs 27593 Cr of Equities and have net bought Rs 838 Cr of debt.

Benchmark Nifty declined 159 points (0.80%) y’day. US S&P declined 72 points (1.64%) . Nikkei declined 1.22% and Hang Seng declined 1.45%.

Euro is now at 1.0648, Pound at 1.2275, Yen at 147.62.

Commodities: Gold is now at USD 1922 and WT1Crude at USD 90/Brent at USD 93.50.

Interest rates: USD 10 Yr yield is at 4.50% and 3 m libor closed at 5.65%. Indian 10 yr benchmark yield closed at 7.18%.

Economic news: BOE left rates unchanged at 5.25%. The accompanying commentary noted the Bank of England’s worsening outlook for GDP growth and signs of deterioration in the labor market. In addition, the central bank expects inflation to slow significantly in the near term. The statement implies that BOE has done with rate tightening cycle.

Pound declined to 1.2250 levels and is below the key 200 day average. US Equity markets slumped on prospects of higher rates for a longer period and rising treasury yield.

Data highlights: – US existing home sales dipped to 4.04 mn and weekly jobless claims declined to 201k.

-EU Consumer confidence declined to -18.

Friday’s calendar : US PMI(mfrg)

-EU PMI(mfrg-flash) and PMI(services- flash)

-UK PMI(mfrg-flash) and PMI(services- flash)

USD/INR

 

  

 83.17

83

EUR/USD

1.0648

  

1.0673

1.0617

GBP/USD

1.2275

  

1.2332

1.2243

USD/JPY

147.62

  

148.46

147.32

Daily Support/Resistance table

Currency Pairs

Pivot

R1

R2

R3

S1

S2

S3

EURO/USD

1.0650

1.0683

1.0706

1.0739

1.0627

1.0594

1.0571

GBP/USD

1.2289

1.2335

1.2378

1.2424

1.2246

1.22

1.2157

USD/JPY

147.81

148.30

148.94

149.43

147.16

146.68

146.03

USD/INR

83.08

83.16

83.25

 

82.99

82.91

 

MAJOR SUPPORTS/RESISTANCES AND TREND TABLE

Currency Pair

Supports

Resistances

Trend

Remarks

EURO/USD

1.0635

1.0945/1.1065

DN

SIDE>1.0740

GBP/USD

1.21

1.2550/1.2620

DN

SIDE>1.2550

USD/JPY

144.50/142

151

UP

SIDE<143.90

USD/INR

82.80

83.35/83.47

UP

SIDE<82.78

USD/CHF

0.87/0.8550

0.8820

DN

SIDE>0.8820

Technicals: Spot closed above 50 and 200 day moving averages.20 day moving average is at 82.95. 50 day moving average is at 82.65.200 day moving average is at 82.32. Daily MACD is in buy zone. Important support is at 82.80 and important resistance is at 83.35. Spot closed below the average level of the day.

Intraday supports and resistances for Sep contract are:

PP: 83.08, S1:82.97, S2:82.89, R1:83.16, R2:83.27.             

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

However on directional basis, suggest the following:

USD exports be hedged at 83.30/83.50. Imports be hedged at 82.80/82.65 for 1 month.

CROSS CURRENCY TECHNICALS:

EURO/USD: The pair is below major moving averages. Major resistance is at 1.0945/1.1065/1.1140/1.1275. Next major support is at 1.05. Daily MACD is in sell zone, implying an important top at 1.1275. Weekly MACD is in sell zone, implying important top at 1.1275.

GBP/USD: The pair is below 50 and 200 day averages. Daily MACD is in sell zone, implying important top at 1.3145 and weekly MACD is in sell zone, implying important top at 1.3145. Important support is at 1.21. Important resistance is at 1.2550/1.2620.

USD/YEN: The pair is above 50 and 200 day major averages. Daily MACD is in buy zone, implying important bottom at 137.35. Important resistance is at 151 and support is at 144/142.

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.