Sell USDINR SEP @ 82.9 SL 83.08 TGT 82.72-82.58 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 82.59-82.93.
Rupee ended stronger but was off the day's high as dollar demand from importers mounted pressure on the local unit.
The S&P Global India Manufacturing PMI increased to a 3-month top of 58.6 in August 2023 from 57.7 in July.
GST collections in August grew 11% to 1.60 lakh crore on an annual basis.
SELL USDINR SEP @ 82.9 SL 83.08 TGT 82.72-82.58.
EURINR
Observations
EURINR trading range for the day is 89.57-90.15.
Euro fell as traders trimmed bets on a rate hike from the European Central Bank in September
Spanish inflation data had traders betting that the ECB would hike again next month.
ECB Schnabel said euro zone growth was weaker than predicted but that does not necessarily void the need for more rate hikes
SELL EURINR SEP @ 89.8 SL 90 TGT 89.55-89.35.
GBPINR
Observations
GBPINR trading range for the day is 104.44-105.24.
GBP steadied as BOE’s chief economist said British interest rates should probably stay high to quash "stubbornly high" core inflation.
BoE Chief Economist Huw Pill said that the central bank would "see the job through" on bringing high inflation back down to its 2% target
Investors see an 80% chance that the BoE will raise interest rates to 5.5% next month, and expect rates to peak at 5.75% before the end of the year.
SELL GBPINR SEP @ 104.7 SL 105 TGT 104.35-104.12.
JPYINR
Observations
JPYINR trading range for the day is 57-57.32.
JPY gains helped by diminished chances of U.S. interest rate hikes this year after a data-filled week.
Japan finance minister says currencies should be set by markets
The au Jibun Bank Japan Manufacturing PMI was revised slightly downward to 49.6 in August 2023
SELL JPYINR SEP @ 57.1 SL 57.3 TGT 56.85-56.65.
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