Sell USDINR SEP @ 82.85 SL 823 TGT 82.68-82.58 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 82.38-83.24.
Rupee closed lower as dollar buying by oil companies and large importers pressured the local unit during the session, wiping out early gains.
India's economic expansion in the first quarter of the current fiscal should be "good" - Finance minister
India's current account deficit seen falling to around 1pc or USD 10 billion in Q1: India Ratings
SELL USDINR SEP @ 82.85 SL 823 TGT 82.68-82.58.
EURINR
Observations
EURINR trading range for the day is 89.41-89.87.
Euro remained in range as investors looked forward to data releases from both the European bloc and the US
Germany's GfK Consumer Climate Indicator unexpectedly dropped to -25.5 heading into September 2023
The money markets have priced in slightly less than a 50% probability of a 25 basis points ECB rate hike occurring in September.
BUY EURINR SEP @ 89.5 SL 89.3 TGT 89.75-89.9.
GBPINR
Observations
GBPINR trading range for the day is 104.09-104.65.
GBP seen supported as investors were holding their positions in anticipation of the crucial monthly US jobs data
BOE’s Broadbent remarked that elevated interest rates might need to be maintained in the UK for a considerable period to address persistent inflation pressures.
Investors are currently anticipating another increase in the BoE's Bank Rate to 5.5% from its current level of 5.25% at the September meeting
BUY GBPINR SEP @ 104.15 SL 103.9 TGT 104.35-104.5.
JPYINR
Observations
JPYINR trading range for the day is 56.54-56.98.
JPY steadied as investors digested data showing Japan’s unemployment rate surprisingly increased to 2.7% in July
Japan will consider economic package after September, finance minister says
Japan’s unemployment rate unexpectedly increased to 2.7% in July 2023 from 2.5% in June
SELL JPYINR SEP @ 56.85 SL 57 TGT 56.65-56.52.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
