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 94.33-100.33.
Rupee logged its sharpest weekly drop since May, as elevated oil prices and strong merchant dollar demand renewed worries.
Dollar sales by state-run banks, most likely on behalf of the Reserve Bank of India, helped the rupee snap a four-day losing.
India's wholesale inflation surged to a record 9.9 percent in June.
EURINR
SELL EURINR JUL @ 110.7 SL 111 TGT 110.4-110.1.
Observations
EURINR trading range for the day is 109.79-110.69.
Euro eased as investors grappled with escalating Middle East tensions and surging oil prices.
Markets fully price in an ECB rate hike in September, with another increase expected by spring 2027.
Recent comments from policymakers including Piero Cipollone and Martin Kocher signaled a cautious approach, making a July move unlikely.
GBPINR
SELL GBPINR JUL @ 130.3 SL 130.6 TGT 130-129.7.
Observations
GBPINR trading range for the day is 129.33-130.47.
GBP dropped as rising tensions in the Middle East have pushed oil prices to one-month highs.
Markets now fully price in a rate hike in November, with another increase expected by March 2027.
UK GDP rose 0.1% in May after a 0.1% contraction in April, while growth over the three months to May reached 0.7%.
JPYINR
SELL JPYINR JUL @ 59.5 SL 59.7 TGT 59.3-59.1.
Observations
JPYINR trading range for the day is 19.83-19.83.
JPY weakened as investors saw little sign of decisive action from Tokyo to support the currency.
Japan's core consumer inflation probably picked up in June from the previous month due to elevated energy prices.
The currency also remained under pressure from a sharp rise in oil prices, driven by the escalating conflict.
