Buy USDINR Sep @ 94.9 SL 94.7 TGT 95.1-95.3 - Kedia Advisory
USDINR
BUY USDINR SEP @ 94.9 SL 94.7 TGT 95.1-95.3.
Observations
USDINR trading range for the day is 94.77-95.31.
Rupee settled flat as higher oil prices tested recent gains supported by RBI intervention and dollar selling by foreign banks.
India’s current account deficit widened to $4.2 billion, or 0.5% of GDP, in Q1 of fiscal 2026-27, from $3.4 billion, or 0.4% of GDP, a year earlier.
In August, India's GST collections rose by 14.8%, totaling Rs 2 lakh crore.
EURINR
SELL EURINR SEP @ 110.35 SL 110.7 TGT 110-109.7.
Observations
EURINR trading range for the day is 109.87-110.83.
Euro dropped as oil prices continued to rally amid renewed fighting in the Middle East, raising inflationary risks.
Markets are currently pricing in a rate hike from the European Central Bank at its meeting next week.
Euro zone inflation rises above 3%, cementing ECB rate hike bets
GBPINR
SELL GBPINR SEP @ 128.75 SL 129.1 TGT 128.4-128.1.
Observations
GBPINR trading range for the day is 128.24-129.3.
GBP dropped as renewed risk aversion driven by higher oil prices weighed, while hawkish signals from the Fed continued to support the US dollar.
Markets are pricing around 32 basis points of BoE tightening by year-end, with a November hike seen as almost 70% likely and a second hike by February priced at around 80%.
British Retail Consortium report, showed UK shop-price inflation accelerating to its highest level in two years.
JPYINR
SELL JPYINR SEP @ 60 SL 60.2 TGT 59.8-59.6.
Observations
JPYINR trading range for the day is 20-20.
JPY remained under pressure from wide interest rate differentials, growing fiscal concerns in Japan and elevated oil prices.
BOJ Ueda said the central bank will continue to raise interest rates as financial conditions remain accommodative
BOJ should conduct interest rate hikes nimbly in response to inflationary pressures, rather than at a fixed semiannual pace
