Buy USDINR Oct @ 84.1 SL 84 TGT 84.2-84.28 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.96-84.26.
Rupee fell to record low pressure amid concerns about the recent spike in oil prices and the exodus of foreign money from the equity market.
India's shrinking balance of payments surplus amid a rise in merchandise trade deficit has also kept the rupee under pressure.
Foreign exchange reserves held by RBI eased to $701.2 billion, easing from the record-high of $704.9 billion in the previous week
BUY USDINR OCT @ 84.1 SL 84 TGT 84.2-84.28.
EURINR
Observations
EURINR trading range for the day is 91.85-92.31.
Euro steadied as traders continue to digest a hotter-than-expected inflation print for the US
The annual inflation rate in Germany was confirmed at 1.6% in September 2024
Markets are pricing in an around 90% chance of a 25 bps rate cut by the European Central Bank in October and 50 bps by year-end.
SELL EURINR OCT @ 92.1 SL 92.3 TGT 91.9-91.7.
GBPINR
Observations
GBPINR trading range for the day is 109.48-110.22.
GBP steadied amid prospects the Federal Reserve will lower borrowing costs at a slower-than-anticipated pace.
The British GDP expanded 0.2% in August, indicating the economy is on track for growth in the third quarter.
Industrial production in the UK rose 0.5% month-over-month in August 2024.
SELL GBPINR OCT @ 110 SL 110.301 TGT 109.7-109.5.
JPYINR
Observations
JPYINR trading range for the day is 56.37-56.71.
JPY steadied amid growing expectations that Fed will proceed more cautiously with interest rate cuts.
The Reuters Tankan sentiment index for manufacturers in Japan rose to +7 in October 2024 from +4 in September
Prime Minister Shigeru Ishiba said that current economic conditions may not warrant additional rate hikes.
SELL JPYINR OCT @ 56.6 SL 56.8 TGT 56.4-56.2.
