Buy Eurinr Oct @ 92.2 SL 92 TGT 92.4-92.6 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 84-84.1.
Rupee ended nearly unchanged sidestepping a pressure from equity-related outflows.
India's trade minister says time for Indian rupee to appreciate
India's foreign exchange reserves crossed $700 billion for the first time on record
SELL USDINR OCT @ 84.12 SL 84.22 TGT 84.02-83.92.
EURINR
Observations
EURINR trading range for the day is 91.88-92.68.
Euro dropped as German industrial orders fell significantly more than expected in August
ECB's De Guindos says euro zone inflation heading toward 2% goal by end – 2025
Retail sales in the Euro Area increased 0.2% from a month earlier in August 2024.
BUY EURINR OCT @ 92.2 SL 92 TGT 92.4-92.6.
GBPINR
Observations
GBPINR trading range for the day is 109.49-110.89.
GBP fell on expectations of more aggressive rate cuts in November.
The Halifax House Price Index in the UK increased 4.7% year-on-year in September 2024
BOE Governor Bailey signaled a shift toward a more "activist" and "aggressive" approach to cutting rates
BUY GBPINR OCT @ 109.8 SL 109.5 TGT 110.1-110.4
JPYINR
Observations
JPYINR trading range for the day is 56.53-57.15.
JPYINR NOV-OCT 0.0150 BUY JPYINR OCT @ 56.75 SL 56.55 TGT 56.95-57.15. JPY dropped prompting Atsushi Mimura to issue a fresh verbal warning against speculative moves in the foreign exchange market.
PM Ishiba and economy minister Ryosei Akazawa advocated for caution before raising interest rates further given current economic conditions.
Investors now look ahead to Japanese wage data this week to gauge its implications on inflationary pressures and monetary policy..
BUY JPYINR OCT @ 56.75 SL 56.55 TGT 56.95-57.15
