BUY USDINR NOV @ 93.9 SL BELOW 93.75 TGT 94.15 - Kedia Advisory
USDINR
BUY USDINR NOV @ 93.9 SL BELOW 93.75 TGT 94.15
Observations
USDINR trading range for the day is 93.59-94.43.
Rupee retreated after oil prices rose and domestic equities reversed, erasing early gains driven by a pickup in foreign portfolio inflows.
India's retail inflation surged to 6.09% in October, breaching the central bank's 6% limit for the first time under the new series.
Minutes of the RBI rate-setting committee's meeting indicated that further rate hikes may be needed to contain inflation
EURINR
SELL EURINR NOV @ 104.6 SL ABOVE 104.9 TGT 104
Observations
EURINR trading range for the day is 103.62-105.30.
Euro dropped as the dollar remained supported by growing expectations of further Federal Reserve tightening in December.
Investor morale in the euro zone edged lower in November, underscoring expectations for economic stagnation.
The euro zone's economic expansion slowed sharply but did remain resilient in October as demand came close to stalling.
GBPINR
SELL GBPINR NOV @ 125.15 SL ABOVE 125.5 TGT 124.6
Observations
GBPINR trading range for the day is 123.99-125.76.
GBP dropped after US inflation data and Fed's hawkish comments fuelled bets that the US central bank will hike interest rates next month.
UK economy grew by 0.7% in the third quarter, up from 0.5% in the previous quarter and in line with expectations.
Annual growth accelerated to 1.9% from 1.4%, while September GDP rose 0.2%, exceeding forecasts.
JPYINR
SELL JPYINR NOV @ 59.15 SL ABOVE 59.4 TGT 58.8
Observations
JPYINR trading range for the day is 58.38-60.54.
JPY dropped as the US dollar strengthened following Fed officials hawkish comments and stronger-than-expected US inflation data.
Japan's bank lending grew by 5.2% year-on-year in October 2026, unchanged from September's downwardly revised figure of 5.2%.
Japan's Mimura, cautioned against overlooking the events of this summer, when Japanese and US authorities jointly intervened in the FX market.
