BUY JPYINR NOV @ 55.55 SL 55.35 TGT 55.75-55.9 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.24-83.36.
Rupee trading at a narrow range reaching as capital outflows clashed against intervention from the RBI.
India Services PMI decreased to 58.4 in October 2023 from 61.0 in September
India Composite PMI slipped to 58.4 in October 2023 from 61.0, pointing to the lowest reading since March
SELL USDINR NOV @ 83.3 SL 83.55 TGT 83.12-83.
EURINR
Observations
EURINR trading range for the day is 88.45-88.95.
Euro gains as growing expectations that US interest rates have peaked and declining Treasury yields boosted appetite for risk assets.
The trade surplus in Germany decreased to EUR 16.5 billion in September 2023 from an upwardly revised EUR 17.7 billion in the previous month
Euro zone inflation on track but ECB cannot close door on rate hikes – ECB's Schnabel
SELL EURINR NOV @ 88.9 SL 89.1 TGT 88.7-88.5.
GBPINR
Observations
GBPINR trading range for the day is 101.44-102.1.
GBP gains following the Bank of England's decision by maintaining stable interest rates
Governor Bailey emphasized that rate cuts were not expected in the near future
The UK central bank also warned that the economic outlook for the UK remains highly challenging
SELL GBPINR NOV @ 102 SL 102.3 TGT 101.65-101.45.
JPYINR
Observations
JPYINR trading range for the day is 55.6-55.78
JPY settled flat amid a general dollar weakness, as Fed held interest rates steady for the second time
The central bank re-defined 1% as a loose "upper bound" rather than a rigid cap
Japan’s Kishida said the government will spend over 17 trillion yen in a package of measures to cushion the economic blow from rising inflation
BUY JPYINR NOV @ 55.55 SL 55.35 TGT 55.75-55.9.
