BUY USDINR AUG @ 83.75 SL 83.65 TGT 83.85-83.95 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.71-83.93.
Rupee ended stronger lifted by likely inflows and a slump in the dollar index that helped Asian currencies across the board.
The Reserve Bank of India’s foreign exchange reserves declined by $4.8 billion to $670.12 billion
India's trade deficit widened to $23.50 billion on an annual basis in July from $19 billion in the same month last year
BUY USDINR AUG @ 83.75 SL 83.65 TGT 83.85-83.95.
EURINR
Observations
EURINR trading range for the day is 92.58-93.1.
Euro gains amid growing expectations that the economy will not stagnate
German producer prices fall the least in 13 months
The European Central Bank may need to cut interest rates again in September given persistent economic weakness.
BUY EURINR AUG @ 92.7 SL 92.5 TGT 92.9-93.1.
GBPINR
Observations
GBPINR trading range for the day is 108.51-109.07.
GBP strengthened as signs of economic resilience and moderate inflation led traders to anticipate fewer rate cuts from BOE.
Traders expect 44 basis points of rate cuts from the BoE this year, with a 39% chance of a 25-bps cut in September.
The British economy expanded 0.9% year-on-year in Q2 2024, the biggest annual growth rate since Q3
BUY GBPINR AUG @ 108.8 SL 108.5 TGT 109.1-109.4.
JPYINR
Observations
JPYINR trading range for the day is 56.73-57.41.
JPY steadied underpinned by firm expectations that the Federal Reserve will start cutting interest rates soon.
data showed that machinery orders, rose 2.1% month-on-month in June, exceeding forecasts for a 1.1% rise.
Markets now look ahead to domestic inflation figures later this week to gain clarity on the Bank of Japan’s monetary policy path.
BUY JPYINR AUG @ 57 SL 56.8 TGT 57.25-57.45.
