BUY EURINR SEP @ 88.8 SL 88.6 TGT 89.05-89.2 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.02-83.54.
Rupee depreciated renewing its record low amid fresh pressure from a strong DXY
Global growth likely to slow in 2024, tighter financial conditions may prevail:
RBI Markets continued to look out for signs of forex intervention by the RBI to limit a further selloff in the rupee
SELL USDINR SEP @ 83.4 SL 83.55 TGT 83.25-83.1
EURINR
Observations
EURINR trading range for the day is 88.53-89.23.
Euro remained supported amid hawkish remarks by European Central Bank officials.
ECB policy hawks Bostjan Vasle and Robert Holzmann said another rate increase could not be ruled out.
ECB policymakers Martins Kazaks and Madis Mueller
reiterated they saw a solid case for quickening the ECB's
balance sheet roll-off.
BUY EURINR SEP @ 88.8 SL 88.6 TGT 89.05-89.2.
GBPINR
Observations
GBPINR trading range for the day is 102.86-103.68.
GBP settled flat as Britain's main manufacturing trade body cut its forecast for the sector's growth for this year and next
The Bank of England is expected to raise interest rates for the 15th time in a row on Thursday
UK inflation figures for August are also due on Wednesday, just ahead of the meeting.
BUY GBPINR SEP @ 103 SL 102.7 TGT 103.35-103.65.
JPYINR
Observations
JPYINR trading range for the day is 56.33-56.73. USDINR OCT-SEP 0.1125 SELL JPYINR SEP @ 56.6 SL 56.8 TGT 56.35-56.2.
JPY steadied after Governor Kazuo Ueda stoked speculation of an imminent move away from ultra-loose policy. Japan's core machinery orders fell more than expected in July
Producer prices in Japan rose the least in 29 months and decelerated for the eighth straight month in August
SELL JPYINR SEP @ 56.6 SL 56.8 TGT 56.35-56.2
