Published on 7/07/2020 10:23:27 AM | Source: Kedia Advisory

EURINR trading range for the day is 83.68-85.12 - Kedia Advisory

Posted in Currency Report| #Currency Tips #Kedia Advisory

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* USDINR trading range for the day is 74.41-75.17.
* USDINR settled flat on buying by nationalised banks likely on behalf of Reserve Bank of India (RBI) which may have prompted oil importers
* However, upside was capped as descalation of boarder tension between China and India led to strong inflows into stock market.
* RBI foreign exchange reserves crossed the half a trillion mark, rising $1.27 billion to $506.84 billion



* EURINR trading range for the day is 83.68-85.12.
* Euro gains as support seen after Eurozone retail sales rebounded at a faster than expected pace in May
* Dutch central bank Governor Knot warned Europe not to rely too much on monetary policy
* The sellers may be in control of the price action after the bulls failed to force higher closures



* GBPINR trading range for the day is 93.02-94.
* GBP gains as negotiations between Britain and the European Union ended prematurely, with meetings expected to resume
* The services PMI rose to 47.1 in June as the country continued to reopen.
* The number could rise in July as the UK reopens bars, restaurants, and hotels



* JPYINR trading range for the day is 69.15-69.87.
* JPY drifted lower as gains in share prices encouraged some risk-on trades.
* BOJ Governor Haruhiko Kuroda said second-round effects of the coronavirus pandemic could hurt the Japanese economy “considerably”
* Japan's service sector contracted at a slower pace in June as some firms returned to business, final data from IHS Markit showed.


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