Buy JPYINR Oct @ 56.1 SL 55.9 TGT 56.3-56.5 - Kedia Advisory
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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.
