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USDINR

Observations

USDINR trading range for the day is 84.39-84.47.

Rupee slipped to an all-time low pressured by weakness in regional currencies and sustained outflows from local equities.

Dollar-rupee forward premiums declined with the 1-year implied yield dropping to an over two-month low of 2.10%.

India's services sector saw a resurgence in October, driven by robust demand and increased sales

BUY USDINR NOV @ 84.42 SL 84.32 TGT 84.52-84.6.

EURINR

Observations

EURINR trading range for the day is 89.76-91.16.

Euro dropped as traders closely monitor both economic and monetary developments and the political situation in Germany.

German Chancellor Olaf Scholz dissolved the ruling coalition, leading to new elections to restore stability amid political uncertainty.

Trump’s fiscal policies could heighten inflation risks, potentially prompting the Fed to adopt a more restrictive monetary policy stance.

SELL EURINR NOV @ 90.3 SL 90.5 TGT 90.1-89.9.

GBPINR

Observations

GBPINR trading range for the day is 108.6-109.38.

GBP dropped as investors await the UK Employment data for the three months ending September.

The UK Unemployment Rate is estimated to have increased to 4.1%.

Governor Bailey underlined the importance of exercising caution when making cutbacks in the future in order to maintain inflation near the 2% objective.

SELL GBPINR NOV @ 108.9 SL 109.2 TGT 108.6-108.4.

JPYINR 

Observations

JPYINR trading range for the day is 54.9-55.44.

JPY depreciated amid the uncertainty over the Bank of Japan's (BoJ) rate-hike pans.

Japan's Prime Minister Ishiba faces a leadership vote, adding another layer of uncertainty and undermining the JPY.

Japan’s current account surplus decreased sharply to JPY 1,717.1 billion in September 2024

SELL JPYINR NOV @ 55.25 SL 55.5 TGT 55-54.8.