BUY JPYINR SEP @ 57.9 SL 57.7 TGT 58.2-58.4 - Kedia Advisory
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USDINR
Observation
USDINR trading range for the day is 83.98-84.14.
Rupee remained in range as it stayed wedged between negative global cues and support from the central bank.
The odds of a 50-basis-point rate cut at the Federal Reserve's Sept. 17-18 meeting increased to 42% from 30%.
The World Bank has projected India's economy to expand by 7% in the current financial year
BUY USDINR SEP @ 84 SL 83.9 TGT 84.1-84.18
EURINR
Observation
EURINR trading range for the day is 92.81-93.05.
Euro remained in range amid concerns about the health of the global economy.
Eurozone Services PMI rose to 52.9 in August of 2024 from 51.9 in the prior month Germany Composite
PMI was revised slightly lower to 48.4 in August 2024 from a preliminary of 48.5
BUY EURINR SEP @ 92.9 SL 92.7 TGT 93.15-93.35.
GBPINR
Observation
GBPINR trading range for the day is 109.94-110.48.
GBP traded in range as expectations of diverging monetary policies between the US and the UK continue to support.
British consumer spending increased modestly in annual terms during August
The BoE recently lowered its main interest rate to 5% and traders expect additional cuts totaling 41 basis points by year-end.
BUY GBPINR SEP @ 110.2 SL 110 TGT 110.5-110.7
JPYINR
Observation
JPYINR trading range for the day is 57.46-58.24.
JPY gains as weak US manufacturing data fueled recession fears, spurring demand for safe-haven assets.
BOJ policymakers said recently that they are ready to adjust monetary settings if their economic projections materialize.
The au Jibun Bank Japan Services PMI was revised lower to 53.7 in August 2024
BUY JPYINR SEP @ 57.9 SL 57.7 TGT 58.2-58.4
