Buy USDINR Jul @ 96.2 SL 96 TGT 96.4-96.6 - Kedia Advisory
USDINR
BUY USDINR JUL @ 96.2 SL 96 TGT 96.4-96.6.
Observations
USDINR trading range for the day is 96.04-96.74.
Rupee ended nearly flat, wedged between modest portfolio inflows and dollar demand from local corporates.
India's wholesale inflation surged to a record 9.9 percent in June.
India's consumer inflation rose above the 4% medium-term target for the first time in 17 months in June.
EURINR
BUY EURINR JUL @ 110 SL 109.7 TGT 110.3-110.6.
Observations
EURINR trading range for the day is 109.48-110.72.
Euro gains supported by broad dollar weakness after softer-than-expected US inflation data eased pressure on Fed to raise rates this year.
Investors also reacted to escalating Middle East tensions and rising oil prices, which fueled concerns about inflation’s impact on monetary policy.
Markets responded by pricing in further ECB rate hikes, with money markets now expecting a deposit rate of 2.70% by December (up from 2.25%).
GBPINR
BUY GBPINR JUL @ 129.4 SL 129 TGT 129.8-130.1.
Observations
GBPINR trading range for the day is 128.8-129.74.
GBP gained as dollar weakened after softer-than-expected US inflation data reduced expectations of a near-term Federal Reserve interest rate hike.
Markets responded by pricing in further Bank of England rate hikes, nearly fully expecting two increases in 2026, with a September hike now fully priced in.
In the US, softer June inflation data eased Fed rate hike pressure, though Fed’s Waller warned of possible action if inflation stays above 2%.
JPYINR
SELL JPYINR JUL @ 59.6 SL 59.8 TGT 59.4-59.2.
Observations
JPYINR trading range for the day is 59.5-59.5.
JPY remained under pressure clouded by rising geopolitical tensions in the Middle East, with oil prices climbing.
Japan’s core machinery orders, plunged 12.4% mom to JPY 962.0 billion in May 2026, far worse than market forecasts.
The Reuters Tankan index for Japanese manufacturers stood at +13 in July 2026, unchanged from the previous month.
