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 95.68-96.86.
Rupee fell past the 96 per dollar mark for the first time since late May as a sharp rise in oil prices pressured the currency.
India’s inflation rate surged to 4.38% in June of 2026 from 3.93% in the earlier month, the highest since December of 2024
India’s goods trade deficit widened to $30.43 billion in June of 2026 from $19.12 in the corresponding period of the previous year.
EURINR
BUY EURINR JUL @ 109.8 SL 109.5 TGT 110.2-110.5.
Observations
EURINR trading range for the day is 109.49-110.21.
Euro rose amid Rupee weakness as investors reacted to escalating Middle East tensions, rising oil prices, and growing concerns about inflation’s impact.
Markets responded by pricing in further ECB rate hikes, with money markets expecting a deposit rate of 2.70% by December, up from 2.25%.
Fed Governor Christopher Waller warned that the central bank may need to raise rates "in the near term" if inflation remains above the 2% target.
GBPINR
BUY GBPINR JUL @ 129 SL 128.7 TGT 129.3-129.5.
Observations
GBPINR trading range for the day is 128.47-129.53.
GBP rose amid Rupee weakness as investors assessed escalating Middle East tensions, rising oil prices.
Markets responded by pricing in further BOE rate hikes, nearly fully expecting two increases in 2026, with a September hike now fully priced in.
UK retail sales rose by 1.7% year-on-year on a like-for-like basis in June 2026, falling short of market expectations for a 2.9% gain.
JPYINR
SELL JPYINR JUL @ 59.7 SL 59.9 TGT 59.5-59.3.
Observations
JPYINR trading range for the day is 59.58-59.7.
JPY gained amid Rupee weakness despite the absence of follow-up intervention by Japanese authorities.
Reports show Tokyo had no immediate plans to alter the asset allocation of its state pension funds, reducing expectations of near-term support for domestic assets.
Finance Minister Satsuki Katayama said the country’s massive pension fund would adjust its holdings if necessary.
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