{"id":6449,"date":"2024-05-03T10:02:51","date_gmt":"2024-05-03T04:32:51","guid":{"rendered":"https:\/\/gwcindia.in\/blog\/\/?p=6449"},"modified":"2024-08-31T12:05:52","modified_gmt":"2024-08-31T06:35:52","slug":"fx-morning-update-may-3-2024","status":"publish","type":"post","link":"https:\/\/www.gwcindia.in\/blog\/fx-morning-update-may-3-2024\/","title":{"rendered":"FX – MORNING UPDATE :"},"content":{"rendered":"

FX Morning Update USD INR May 3, 2024<\/h1>\r\n

USDINR opened at 83.42 y\u2019day and the pair traded in the 83.42-83.49 range. Spot USDINR closed at 83.47,\u00a0gain of 5 ps for USD as against prior close of 83.42.<\/b><\/p>\r\n

RBI reference rate was fixed at 83.45 on 02\/05<\/b>.\u00a0<\/b>May USD\/INR closed at 83.53, gain of 7 ps for USD as compared to prior day\u2019s close of 83.46. May Euro\/INR closed at 89.35, GBP\/INR at 104.49 and Yen\/INR at 53.72. 1 year USDINR fwd premia was trading at around 1.69% p.a<\/a>.\u00a0\u00a0<\/a><\/a>FX reserves stood at USD 640.33 bn, as on April 19 th. Reserves decreased by USD 2.8 bn w\/w.<\/b><\/p>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
\r\n

PAIRS<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

RBI REF RATE (02\/05)<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

USDINR<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.45<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

EURINR<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

89.48<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

GBPINR<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

104.58<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

JPYINR<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

53.73<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n

<\/a><\/a>In April, FPI\u2019S have sold Rs 8659 Cr of Equities and sold Rs 15362 Cr of debt . In\u00a0<\/b>FY 23-24, FII\u2019S have net bought Rs 206279 Cr of Equities and have net bought Rs 123120 Cr of debt.<\/b><\/p>\r\n

Benchmark Nifty climbed 43 points (0.19%) y\u2019day. US S&P climbed 16 points (0.31%) y\u2019day. Nikkei is flat and Hang Seng is down 1.03% today.<\/b><\/p>\r\n

Euro is now at 1.0733, Pound at 1.2549, Yen at 153.07.<\/b><\/b><\/p>\r\n

Commodities:<\/u><\/b>\u00a0<\/u><\/b>Gold is now at USD 2301 and WT1Crude at USD 79\/Brent at USD 84.<\/b><\/b><\/p>\r\n

Interest<\/u><\/b>\u00a0rates<\/b>: USD 10 Yr yield is at 4.61% and 3 m libor closed at 5.59%. Indian 10 yr benchmark yield closed at 7.19%.<\/b><\/p>\r\n

<\/a>Economic<\/b><\/a><\/a><\/a><\/a><\/a><\/a><\/a>\u00a0news<\/b><\/a>:\u00a0<\/a><\/a>GST collections hit a record high of 2.1 lac Cr in April. Strong economic momentum and efficient tax collections could be major reasons for GST collections crossing 2 lac cr. PMI(mfrg) remained near highs at 58.8, though it eased from March data of 59.1.<\/b><\/p>\r\n

Focus is os US Nonfarm payroll data.<\/b><\/p>\r\n

Data highlights:<\/b>\u00a0– US Weekly jobless claims dipped to 208k.<\/b><\/p>\r\n

-US factory orders surged 1.6% m\/m.<\/b><\/p>\r\n

Tuesday\u2019s calendar\u00a0: – US ISM(non mfrg) and nonfarm payrolls<\/b><\/p>\r\n

-EU unemployument rate<\/b><\/p>\r\n\r\n\r\n\r\n\r\n\r\n\r\n
\r\n

USD\/INR<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

\u00a0<\/b><\/p>\r\n<\/td>\r\n

\u00a0<\/td>\r\n\r\n

\u00a0<\/span><\/b>83.36<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.30<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

EUR\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0733<\/b><\/p>\r\n<\/td>\r\n

\u00a0<\/td>\r\n\r\n

1.0731<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0674<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

GBP\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2549<\/b><\/p>\r\n<\/td>\r\n

\u00a0<\/td>\r\n\r\n

1.2546<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2471<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

USD\/JPY<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

153.07<\/b><\/p>\r\n<\/td>\r\n

\u00a0<\/td>\r\n\r\n

156.29<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

153.05<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n

Daily Support\/Resistance table<\/b><\/p>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
\r\n

Currency Pairs<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

Pivot<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

R1<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

R2<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

R3<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

S1<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

S2<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

S3<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

EURO\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0710<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0746<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0767<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0803<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0689<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0653<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0632<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

GBP\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2516<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2561<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2591<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2636<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2486<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2441<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2411<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

USD\/JPY<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

154.32<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

155.59<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

157.56<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

158.82<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

152.35<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

151.08<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

149.12<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

USD\/INR<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.33<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.37<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.39<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

\u00a0<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.30<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.27<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

\u00a0<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n

\u00a0<\/b>MAJOR<\/b>\u00a0<\/b>SUPPORTS\/RESISTANCES AND TREND TABLE<\/b><\/p>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
\r\n

Currency Pair<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

Supports<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

Resistances<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

Trend<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

Remarks<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

EURO\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.06\/1.0520<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.08\/1.0840<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

DN<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

UP>1.0845<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

GBP\/USD<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.23\/1.2220<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2540\/1.2620<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

DN<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

UP>1.2620<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

USD\/JPY<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

154.80\/152<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

159<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

UP<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

SIDE<152<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

USD\/INR<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.27\/83.17\/83.10<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.47\/83.70<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

UP<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

SIDE<83.17<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

USD\/CHF<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

0.8950\/0.8830<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

0.9230<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

UP<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

SIDE<0.8950<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n

Technicals<\/b>: Spot closed above major moving averages.20 day moving average is at 83.42. 50 day moving average is at 83.15. 200 day moving average is at 82.97. Daily MACD is in sell zone. Important support is at 83.27\/83.17\/83.10 and important resistance is at 83.47\/83.70. Spot closed above the average level of the day.<\/b><\/b><\/p>\r\n

Intraday supports and resistances for May contract are:<\/b><\/b><\/p>\r\n

PP: 83.52, S1:83.46, S2:83.37, R1:83.60, R2:83.67.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/b><\/p>\r\n

Hedging strategy: Hedging decisions be taken according to comfort and accounting rates.<\/b><\/b><\/p>\r\n

However on directional basis, suggest the following:<\/b><\/p>\r\n

USD imports be hedged on decline to 83.27\/83.17\/83.10.<\/b><\/p>\r\n

CROSS CURRENCY TECHNICALS:<\/b><\/p>\r\n

EURO\/USD<\/b>:\u00a0The pair is below major moving averages. Major resistance is at 1.08\/1.0845.\u00a0Next major support is at 1.06\/1.0520\/1.0450.\u00a0Daily MACD is in buy zone, implying an important bottom at 1.06. Weekly MACD is in sell zone, implying important top at 1.1140.<\/b><\/b><\/p>\r\n

GBP\/USD<\/b>: The pair is below major moving averages. Daily MACD\u00a0is in buy zone, implying important bottom at 1.23 and weekly MACD is\u00a0in sell zone, implying important top at 1.2895. Important support is at 1.23\/1.2230. Important resistance is at 1.2540\/1.2620.<\/b><\/b><\/p>\r\n

USD\/YEN<\/b>: The pair is\u00a0above major moving averages. Daily MACD is in buy zone, implying important bottom at 150.80. Important resistance is at 159 and support is at 154.80\/152.<\/b><\/b><\/p>\r\n

Click to open an Account<\/strong>\u00a0:\u00a0https:\/\/ekyc.gwcindia.in\/client\/<\/a><\/p>\r\n

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FX Morning Update USD INR May 3, 2024 USDINR opened at 83.42 y\u2019day and the pair traded in the 83.42-83.49 range. Spot USDINR closed at 83.47,\u00a0gain of 5 ps for USD as against prior close of 83.42. RBI reference rate was fixed at 83.45 on 02\/05.\u00a0May USD\/INR closed at 83.53, gain of 7 ps for […]<\/p>\n","protected":false},"author":6,"featured_media":6292,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"image","meta":{"_acf_changed":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-6449","post","type-post","status-publish","format-image","has-post-thumbnail","hentry","category-currency-update","post_format-post-format-image"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/6449","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/comments?post=6449"}],"version-history":[{"count":3,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/6449\/revisions"}],"predecessor-version":[{"id":8443,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/6449\/revisions\/8443"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/media\/6292"}],"wp:attachment":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/media?parent=6449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/categories?post=6449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/tags?post=6449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}