JPYINR trading range for the day is 57.04-58.16 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.94-84.08.
Rupee remained in range as global risk appetite remained shaky
RBI maintained its benchmark policy repo at 6.5% for the ninth consecutive meeting in August 2024
Dollar-rupee forward premiums rose and the 1-year implied yield was rose 4 basis points to 2.05%.
BUY USDINR AUG @ 83.95 SL 83.85 TGT 84.05-84.15.
EURINR
Observations
EURINR trading range for the day is 91.49-92.09.
Euro stabilized as traders continue to assess the monetary and economic outlook.
Germany's trade surplus declined to EUR 20.4 billion in June 2024
German industrial production rose by 1.4% month-over-month in June 2024.
SELL EURINR AUG @ 92 SL 92.2 TGT 91.7-91.5.
GBPINR
Observations
GBPINR trading range for the day is 106.29-106.87.
GBP remained in range as investors anticipate faster interest rate cuts by the Bank of England.
Retail sales in the United Kingdom increased 0.3% on a year-on-year basis in July
The S&P Global UK Construction PMI jumped to 55.3 in July 2024
BUY GBPINR AUG @ 106.5 SL 106.2 TGT 106.8-107.2.
JPYINR
Observations
JPYINR trading range for the day is 57.04-58.16.
JPY gains as investors continued to assess the outlook for Bank of Japan monetary policy.
The summary of opinions from the BOJ’s July policy meeting revealed that some members called for the need to keep hiking rates
Japan’s service sector increased to 47.5 in July 2024 from 47.0 in the previous month
SELL JPYINR AUG @ 57.6 SL 57.8 TGT 57.4-57.2.
