Buy JPYINR OCT @ 55.9 SL 55.7 TGT 56.12-56.25 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.24-83.4.
Rupee closed little changed despite an escalation in geopolitical risks as traders feared dollar-selling intervention by RBI.
However, a sharp escalation in crude oil prices could pressure the rupee and nudge the RBI to let the rupee slip further.
Unemployment rate dips to 6.6 pc in urban areas in April-June 2023: Govt survey
SELL USDINR OCT @ 83.4 SL 83.55 TGT 83.25-83.12.
EURINR
Observation
EURINR trading range for the day is 87.56-88.22.
Euro remained in range as investors analyzed the ramifications of the Israeli conflict with Hamas
Industrial production in Germany dropped by 0.2% month-over-month in August 2023
ECB’s Lagarde says IMF has cut global growth forecasts except US
BUY EURINR OCT @ 87.7 SL 87.5 TGT 87.95-88.1.
GBPINR
Observation
GBPINR trading range for the day is 101.15-101.99.
GBP fell as rose as increased violence in the Middle East spooked markets, after a blowout U.S. jobs report gave the currency a leg up.
However recent economic data provided some reason for optimism about the UK's economic outlook.
A weaker outlook in the UK combined with the resilience of the U.S. economy weighed
BUY GBPINR OCT @ 101.4 SL 101.1 TGT 101.75-102
JPYINR
Observation
JPYINR trading range for the day is 55.98-56.2.
JPY subdued as investors opted for the safety of the greenback and gold amid heightened geopolitical risks in the Middle East
Japan likely won't seek to reverse the yen's downtrend with exchange-rate intervention as recent falls reflect economic fundamentals
Latest data from the Bank of Japan indicated that it did not conduct yen-buying operations.
BUY JPYINR OCT @ 55.9 SL 55.7 TGT 56.12-56.25.
