{"id":6937,"date":"2024-07-24T09:51:19","date_gmt":"2024-07-24T04:21:19","guid":{"rendered":"https:\/\/gwcindia.in\/blog\/\/?p=6937"},"modified":"2024-08-31T10:31:59","modified_gmt":"2024-08-31T05:01:59","slug":"fx-morning-update-july-24-2024","status":"publish","type":"post","link":"https:\/\/www.gwcindia.in\/blog\/fx-morning-update-july-24-2024\/","title":{"rendered":"FX – MORNING UPDATE :"},"content":{"rendered":"

FX Morning Update USD INR July 24, 2024<\/h1>\r\n

USDINR opened at 83.65 y\u2019day and the pair traded in the 83.61-83.72 range. Spot USDINR closed at 83.72,\u00a0gain of 5 ps for USD as against prior close of 83.67.<\/b><\/p>\r\n

RBI reference rate was fixed at 83.66 on 22\/07<\/b>.\u00a0<\/b>July USD\/INR closed at 83.73, gain of 5 ps for USD as compared to prior day\u2019s close of 83.68. July Euro\/INR closed at 90.95, GBP\/INR at 108 and Yen\/INR at 53.25. 1 year USDINR fwd premia was trading at around 1.75% p.a<\/a>. \u00a0<\/a><\/a>FX reserves stood at USD 666 bn, as on July 12 th. Reserves climbed by US D 9 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 (23\/07)<\/b><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

<\/a><\/a>In July , FPI\u2019S have bought Rs 29218 Cr of Equities and bought Rs 11365 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 declined 30 points (0.12%) y\u2019day. US S&P declined 8 points (0.16%). Nikkei climbed 0.12% and Hang Seng declined 0.95% y\u2019day.<\/b><\/p>\r\n

Euro is now at 1.0848, Pound at 1.2896, Yen at 155.41.<\/b><\/b><\/p>\r\n

Commodities:<\/u><\/b>\u00a0<\/u><\/b>Gold is now at USD 2408 and WT1Crude at USD 77\/Brent at USD 81.<\/b><\/b><\/p>\r\n

Interest<\/u><\/b>\u00a0rates<\/b>: USD 10 Yr yield is at 4.26% and 3 m libor closed at 5.57%. Indian 10 yr benchmark yield closed at 6.97%.<\/b><\/p>\r\n

<\/a>Economic<\/b><\/a><\/a><\/a><\/a><\/a><\/a><\/a>\u00a0news<\/b><\/a><\/a><\/a>:\u00a0<\/a><\/a><\/a>Union budget focus was on fiscal prudence, employment generation and capital expenditure. There was marginal relief to middle income tax payers. Long term Capital Gains tax has been increased to 12.5% and short term capital gains tax increased to 20%. MSME\u2019S will be supported by credit guarantees and loan under Mudra scheme increased to 20 lacs. New industrial parks and urban development programmes were also announced. Capex will be Rs 1.11 lac Cr. Fiscal deficit will be reduced to 4.9% in FY 24-25.<\/b><\/p>\r\n

Nifty recovered from sell off after CG announcement.<\/b><\/p>\r\n

Data highlights:<\/b>\u00a0– US existing home sales dipped to 3.89 mn.<\/b><\/p>\r\n

-EU Consumer confidence was reported at -13.<\/b><\/p>\r\n

Wednesday\u2019s calendar\u00a0: – US new home sales<\/b><\/p>\r\n

-EU PMI(mfrg) and PMI (services)<\/b><\/p>\r\n

-UK PMI(mfrg) and PMI(services)<\/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>83.72<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.61<\/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

1.0848<\/b><\/p>\r\n<\/td>\r\n

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

1.0897<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0844<\/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

1.2896<\/b><\/p>\r\n<\/td>\r\n

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

1.2935<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2888<\/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

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

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

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

\r\n

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

\u00a0<\/b>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

1.0864<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0884<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0917<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0937<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0831<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0811<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0778<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

1.2908<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2928<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2955<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2976<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2881<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2861<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.2834<\/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

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

\r\n

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

\r\n

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

\r\n

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

\r\n

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

\r\n

83.57<\/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

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

1.0845\/1.08\/1.0760<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.0950\/1.1040<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

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

\r\n

DN<1.08<\/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

1.28\/1.2750<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

1.3050\/1.3150<\/span><\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

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

\r\n

DN<1.2615<\/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

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

\r\n

158\/159.75<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

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

\r\n

UP>159.75<\/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

83.56\/83.45\/83.34<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

83.90\/84.02<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

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

\r\n

SIDE<83.56<\/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

0.8825\/0.8730<\/b><\/b><\/p>\r\n<\/td>\r\n

\r\n

0.9050<\/span><\/b><\/p>\r\n<\/td>\r\n

\r\n

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

\r\n

UP>0.9050<\/span><\/b><\/p>\r\n<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n

Technicals<\/b>: Spot closed above 50 and 200 day moving averages.20 day moving average is at 83.53. 50 day moving average is at 83.48. 200 day moving average is at 83.26. Daily MACD is in buy zone. Important support is at 83.56\/83.34 and important resistance is at 83.90. Spot closed above the average level of the day.<\/b><\/b><\/p>\r\n

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

PP: 83.69, S1:83.65, S2:83.58, R1:83.76, R2:83.80.\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 exports be hedged at 83.65+.<\/b><\/p>\r\n

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

EURO\/USD<\/b>:\u00a0The pair is above major moving averages. Major resistance is at 1.1040.\u00a0Next major support is at 1.0840\/1.08\/1.0750.\u00a0Daily MACD is in buy zone, implying an important bottom at 1.0665. Weekly MACD is in buy zone, implying important bottom at 1.06.<\/b><\/b><\/p>\r\n

GBP\/USD<\/b>: The pair is above major moving averages. Daily MACD\u00a0is in buy zone, implying important bottom at 1.2610 and weekly MACD is\u00a0in buy zone, implying important bottom at 1.23. Important support is at 1.28\/1.2735. Important resistance is at 1.3050\/1.3150.<\/b><\/b><\/p>\r\n

USD\/YEN<\/b>: The pair is\u00a0above 100 and 200 day major moving averages, but below 50 day average. Daily MACD is in sell zone, implying important top at 162. Important resistance is at 158\/159.75 and support is at 155.50.<\/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 July 24, 2024 USDINR opened at 83.65 y\u2019day and the pair traded in the 83.61-83.72 range. Spot USDINR closed at 83.72,\u00a0gain of 5 ps for USD as against prior close of 83.67. RBI reference rate was fixed at 83.66 on 22\/07.\u00a0July USD\/INR closed at 83.73, gain of 5 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-6937","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\/6937","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=6937"}],"version-history":[{"count":3,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/6937\/revisions"}],"predecessor-version":[{"id":8130,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/6937\/revisions\/8130"}],"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=6937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/categories?post=6937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/tags?post=6937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}