Sell JPYINR SEP @ 60.8 SL 61 TGT 60.6-60.4 - Kedia Advisory
USDINR
SELL USDINR SEP @ 95.6 SL 95.8 TGT 95.4-94.2.
Observations
USDINR trading range for the day is 95.3-96.
Rupee gains pushed around by volatility in oil prices, while likely central bank intervention supported the unit and swap operations drained excess cash.
Sustained RBI action through bond sales and foreign exchange swaps, and its defence of the rupee have helped more than halve the banking system's liquidity surplus.
The central bank's spot dollar sales occurred alongside likely sell/buy swaps, which traders said were concentrated in the January 2027 maturity.
EURINR
SELL EURINR SEP @ 109.8 SL 110.1 TGT 109.5-109.2.
Observations
EURINR trading range for the day is 109.39-110.27.
Euro slipped as higher oil prices weighed on sentiment while the US dollar remained supported by expectations of further Federal Reserve rate hikes.
Euro zone ministers concerned by global yield rises, stress need for prudent fiscal path
Investors continued to monitor developments on the diplomatic front, particularly efforts to end the conflict with Iran.
GBPINR
SELL GBPINR SEP @ 127.9 SL 128.2 TGT 127.6-127.4.
Observations
GBPINR trading range for the day is 127.46-128.52.
GBP weakened as higher oil prices and weaker-than-expected UK public finances weighed on sentiment.
UK government data showed the budget deficit widened to £18.3 billion in August, above the £15.5 billion forecast.
Attention is now turning to next month’s Autumn Budget, with the government reportedly considering excluding infrastructure borrowing from its fiscal rules.
JPYINR
SELL JPYINR SEP @ 60.8 SL 61 TGT 60.6-60.4.
Observations
JPYINR trading range for the day is 59.7-61.3.
JPY dropped on profit booking and keeping traders alert for possible intervention amid an extended holiday in Japan.
Hawkish comments from Federal Reserve officials reinforced expectations for further US interest rate hikes.
Governor Ueda said BOJ remains committed to raising rates and adjusting the degree of monetary accommodation in response to changing economic conditions.
