Buy GBPINR Oct @ 109.7 SL 109.4 TGT 110-110.3 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 84-84.06.
Rupee ended flat as likely intervention by RBI helped the unit withstand pressure from foreign banks' dollar bids
The annual inflation rate in the US slowed to 2.4% in September, the lowest since February 2021
Fed officials were uncertain about the extent of interest rate cuts at their September meeting, but opted for a half-point reduction
SELL USDINR OCT @ 84.05 SL 84.15 TGT 83.95-83.86.
EURINR
Observations
EURINR trading range for the day is 91.82-92.18.
Euro faces selling pressure as traders have priced in more rate cuts by the ECB.
Retail sales in Germany increased 1.6% month-over-month in August 2024
ECB’s Kazimir said he was not convinced about the need for an interest rate cut next week
BUY EURINR OCT @ 91.8 SL 91.6 TGT 92.1-92.3.
GBPINR
Observations
GBPINR trading range for the day is 109.66-110.06.
GBP dropped as the outlook of a less-dovish Fed magnified the impact that a dovish BOE has on the currency pair.
BoE Governor Andrew Bailey was quoted as saying the central bank might move more aggressively to lower borrowing costs.
British shoppers faced increased pressure on their budgets last month after grocery price inflation edged higher.
BUY GBPINR OCT @ 109.7 SL 109.4 TGT 110-110.3.
JPYINR
Observations
JPYINR trading range for the day is 55.73-57.29.
JPY depreciated as traders scaled back expectations of aggressive Federal Reserve rate cuts.
Data showed that producer prices in Japan rose more than expected in September
The value of loans in Japan increased 2.7% year-on-year in September 2024, slowing for the second straight month
BUY JPYINR OCT @ 56.4 SL 56.2 TGT 56.6-56.7.
