Buy JPYINR OCT @ 56.7 SL 56.5 TGT 56.9-57.1. - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.95-84.11.
Rupee ended nearly unchanged as the central bank's steps to support the currency helped offset a host of negative cues.
Robust growth in India extended the robust fiscal backdrop for the central government and supported domestic fixed-income assets.
Investor focus is now on the Indian central bank's monetary policy decision due on Wednesday.
SELL USDINR OCT @ 84.1 SL 84.2 TGT 84-83.9.
EURINR
Observations
EURINR trading range for the day is 92.17-92.59.
Euro steadied as investors continued to assess the magnitude of rate cuts expected by global central banks.
Bundesbank's Nagel says he is open to another ECB rate cut
ECB should proceed with caution on further interest rate cuts given inflation had not yet been overcome.
SELL EURINR OCT @ 92.5 SL 92.7 TGT 92.3-92.1.
GBPINR
Observations
GBPINR trading range for the day is 109.66-110.44.
GBP steadied with geopolitical risks and central banks' monetary policy path still in focus.
BOE Bailey was quoted as saying the central bank might move more aggressively to lower borrowing costs.
Retail sales in the United Kingdom rose 1.7% on a like-for-like basis in September 2024 from a year ago
SELL GBPINR OCT @ 110.2 SL 110.5 TGT 109.9-109.7.
JPYINR
Observations
JPYINR trading range for the day is 56.7-57.1.
JPY stabilized as investors continued to assess the outlook for Bank of Japan monetary policy.
Average cash earnings in Japan increased by 3% year-on-year in August 2024, slowing from a 3.4% growth in July
Japan’s service sector declined to 47.8 in September 2024 from a five-month high of 49.0 in the previous month
BUY JPYINR OCT @ 56.7 SL 56.5 TGT 56.9-57.1.
