Powered by: Motilal Oswal
15-10-2024 10:33 AM | Source: Kedia Advisory
Buy JPYINR Oct @ 56.1 SL 55.9 TGT 56.3-56.5 - Kedia Advisory
News By Tags | #CurrencyTips #KediaAdvisory

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

USDINR

Observations

USDINR trading range for the day is 84.09-84.15.

Rupee slipped weighed down by a fall in most Asian peers and strong dollar demand from foreign banks.

India’s wholesale prices increased by 1.84% year-on-year in September 2024

Foreign exchange reserves held by RBI eased to $701.2 billion, easing from the record-high of $704.9 billion in the previous week

SELL USDINR OCT @ 84.15 SL 84.25 TGT 84.05-83.95.

 

EURINR

Observations

EURINR trading range for the day is 91.76-92.22.

Euro dropped by a general dollar strength amid prospects Fed will lower borrowing costs at a slower-than-anticipated pace.

ECB is expected to lower the deposit rate by 25bps when it meets next week, following similar moves in both September and June.

Germany recorded a current account surplus of €14.4 billion in August 2024, the lowest since May 2023

SELL EURINR OCT @ 92 SL 92.2 TGT 91.8-91.6.

 

GBPINR

Observations

GBPINR trading range for the day is 109.61-110.03.

GBP settled flat getting little support from data that showed Britain's economy returned to growth in August.

Economic output rose by 0.2% in monthly terms in August.

Markets see at least one 25 bp BoE cut across its two remaining meetings and around a 40% chance of a second.

BUY GBPINR OCT @ 109.7 SL 109.4 TGT 110-110.2.

 

JPYINR 

Observations

JPYINR trading range for the day is 56.26-56.38.

JPY weakened as the dollar strengthened on firm expectations that Fed will not deliver further supersized rate cuts

The Reuters Tankan sentiment index for manufacturers in Japan rose to +7 in October 2024 from +4 in September

Japan’s machine tool orders fell 6.5% year-on-year to JPY 125,297 million in September 2024

BUY JPYINR OCT @ 56.1 SL 55.9 TGT 56.3-56.5.

To Read Complete Report & Disclaimer     Click Here

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer