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08-07-2023 09:44 AM | Source: Kedia Advisory
USDINR trading range for the day is 82.8 - 83.08 - Kedia Advisory
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USDINR

Observations

USDINR trading range for the day is 82.8-83.08

Rupee declined due to US fiscal concerns, and worsening the ongoing outflow of capital from India's economy.

Growth prospects intact in FY24 but external headwinds weigh: Finance Ministry

Indian economy's size to double by FY31, growth to average 6.7%: S&P Global

SELL USDINR Aug 2023 @ 83 SL 83.2 TGT 82.78-82.65

 

EURINR

Observations

EURINR trading range for the day is 90.82-91.08

Euro seen supported as German factory orders unexpectedly surge

Eurozone Construction PMI dropped to 43.5 in July 2023 from 44.2 in the previous month

ECB says underlying inflation has peaked in good omen for future

BUY EURINR Aug 2023 @ 90.7 SL 90.5 TGT 90.95-91.1

 

GBPINR

Observations

GBPINR trading range for the day is 105.14-105.64

GBP gains as the dollar eased as investors braced for a key monthly jobs report that could influence the path for US interest rates.

The S&P Global/CIPS UK Construction PMI rose to 51.7 in July 2023

The Bank of England raised its Bank rate by 25bps, as loosely expected by financial markets.

BUY GBPINR Aug 2023 @ 105.2 SL 105 TGT 105.5-105.7

 

JPYINR

Observations

JPYINR trading range for the day is 58.5-58.88

JPY steadied as investors continued to assess the impact of the Bank of Japan's policy adjustment

The au Jibun Bank Japan Services PMI was at 53.8 in July 2023, compared with a flash print of 53.9 and a final 54.0 in June

The BOJ kept its policy rates unchanged but took steps to make its yield curve control more flexible

BUY JPYINR Aug 2023 @ 58.05 SL 57.85 TGT 58.3-58.5

 

 

 

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