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Fundamental and Technical View on currencies on February 01, 2013

India Infoline News Service | Mumbai | February 01, 2013 09:13 IST

Dollar/rupee rebounded in afternoon trades on demand for the greenback from oil importers to meet their month-end requirements and as euro slipped from recent highs

Fundamental View

USD-INR

Dollar/rupee opened at fresh 14-week low Thursday tracking greenback's weakness against major peers after US Federal Reserve decided to continue with bond purchases to reduce unemployment and boost growth

Dollar/rupee rebounded in afternoon trades on demand for the greenback from oil importers to meet their month-end requirements and as euro slipped from recent highs

Dollar/rupee fell in late afternoon trades Thursday on corporate and foreign banks selling

Cross-currencies

Euro/dollar fell Thursday on profit booking after it jumped to 14-month high after US Federal Reserve decided to continue with bond purchases to reduce unemployment and boost growth

Bank of Japan Deputy Gov. Hirohide Yamaguchi suggested Thursday the possibility of additional monetary easing, pledging to take bold steps if needed to bring an end to deflation and stimulate the economy.

MCX-SX
Forex High Low Close % Chg OI
USD Feb 53.5850 53.2550 53.3925 (0.27) 788,597
USD Mar 53.8475 53.5175 53.6575 (0.25) 204,562
EUR Feb 72.6500 72.2250 72.2775 (0.39) 44,112
EUR Mar 72.8500 72.5125 72.5550 (0.38) 9,562
JPY Feb 59.0700 58.6400 58.7175 0.03 26,021
JPY Mar 59.3025 58.9150 58.9875 0.01 826
GBP Feb 84.7800 84.1150 84.2750 (0.09) 8,113
GBP Mar 85.0425 84.4500 84.5800 (0.13) 1,236






NSE FX
Forex High Low Close % Chg OI
USD Feb 53.5875 53.2525 53.3975 (0.25) 1,744,935
USD Mar 53.8500 53.5200 53.6650 (0.25) 391,641
EUR Feb 72.5800 72.2200 72.2750 (0.40) 68,460
EUR Mar 72.8500 72.5125 72.5400 (0.44) 11,597
JPY Feb 59.0675 58.6475 58.7225 0.04 23,250
JPY Mar 59.3200 58.9200 58.9875 0.04 1,312
GBP Feb 84.7850 84.1100 84.2725 (0.11) 10,181
GBP Mar 85.0600 84.4225 84.5900 (0.12) 2,320












Spot Rates
Forex High Low Close % Chg
EUR-USD 1.3594 1.3541 1.3579 0.09
GBP-USD 1.5875 1.5775 1.5857 0.35
USD-JPY 91.7800 90.7500 91.7100 0.69
DOLLAR INDEX 79.3690 79.1330 79.2070 (0.09)





RBI Reference rates
Forex Rate(INR) Pr Close  % Chg
USD-INR 53.3 53.6 (0.5)
EUR-INR 72.2 72.2 (0.0)
GBP-INR 84.2 84.4 (0.2)
JPY-INR 58.7 59.0 (0.5)





Equity Indices
  Close Pr Close  % Chg
Nifty 6,045.7 6,034.8 (0.4)
Sensex 19,987.3 19,895.0 (0.6)
Dow Jones 13,910.4 13,860.6 (0.4)
FTSE 6,323.1 6,276.9 (0.7)





Benchmark Rates
  Close

MIBOR (%) 7.85

LIBOR (%) 0.30

Call rates (%) 7.75

Forex reserves (US$bn) 295.67


Technical View

USD-INR SPOT RATE
Prices have support at 52.65 and resistance at 53.40
 
NSE USD-INR FUTURE
Prices have support at 52.85 and resistance at 53.65

EUR-USD (1.3608): Prices have support at 1.35 and resistance at 1.3765.

US Dollar Index (79.13): Prices have support at 78.35 and resistance level at 80.

INR Currency Future view

EUR-INR (Close: 72.53): Prices have support at 71.80 and resistance at 73.

GBP-INR (Close: 84.50): Prices have support at 83.85 and resistance at 84.80.

JPY-INR (Close: 57.93): Prices have support at 57 and resistance at 59.

Pivot table
  NSE Levels
Forex R3 R2 R1 Pivot S1 S2 S3
USD-INR 53.8775 53.7325 53.5425 53.3975 53.2075 53.0625 52.8725
EUR-INR 72.6900 72.6350 72.3300 72.2750 71.9700 71.9150 71.6100
JPY-INR 59.2175 59.1425 58.7975 58.7225 58.3775 58.3025 57.9575
GBP-INR 85.1100 84.9475 84.4350 84.2725 83.7600 83.5975 83.0850
EUR-USD 1.3670 1.3632 1.3617 1.3579 1.3564 1.3526 1.3511
GBP-USD 1.6039 1.5957 1.5939 1.5857 1.5839 1.5757 1.5739
USD-JPY 93.7000 92.7400 92.6700 91.7100 91.6400 90.6800 90.6100

Important data to watch
Date Country / Currency Event IST Actual Cons. Previous
31-Jan USD Unemployment Claims 7:00pm 368K 362K 330K
1-Feb USD Non-Farm Employment Change 7:00pm
161K 155K









Source: India Infoline Research








article
113110712703
Fundamental and Technical View on currencies on February 01, 2013
Fundamental and Technical View on currencies on February 01, 2013
Dollar/rupee rebounded in afternoon trades on demand for the greenback from oil importers to meet their month-end requirements and as euro slipped from recent highs
http://www.indiainfoline.com/article/news-top-story/fundamental-and-technical-view-on-currencies-on-february-01-2013-113110712703_1.html
February 01, 2013 09:13 IST
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Dollar, rupee, Euro, Bank of Japan
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