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21-11-2024 11:09 AM | Source: Kedia Advisory
Sell Euriner Nov @ 89.4 SL 89.6 TGT 89.2-89 - Kedia Advisory
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USDINR

Observations

USDINR trading range for the day is 84.39-84.51.

Rupee declined pressured by dollar demand from foreign banks and importers.

Likely intervention by RBI helped the currency avoid further losses with state-run banks spotted intermittently offering dollars.

Morgan Stanley lowered India's growth forecast for FY25 from 7 per cent to 6.7 per cent

SELL USDINR NOV @ 84.45 SL 84.55 TGT 84.35-84.28.

 

EURINR

Observations

EURINR trading range for the day is 88.74-90.02.

Euro pared most of gains as ECB policymakers have become more worried about the Eurozone economic growth.

The current account surplus in the Euro Area widened to €51.5 billion in September 2024 from €34.6 billion a year earlier.

ECB's de Guindos says trade tensions a risk for already weak economy

SELL EURINR NOV @ 89.4 SL 89.6 TGT 89.2-89.

 

GBPINR

Observations

GBPINR trading range for the day is 106.29-107.37.

GBP recovers as the US Dollar’s rally appears to have stalled after posting a fresh year-to-date high.

Bank of England must move gradually on rates after budget, Bailey says

The BoE lowered its benchmark rate to 4.75% from 5% earlier this month and said at the time that it would move gradually with further cuts.

BUY GBPINR NOV @ 106.6 SL 106.3 TGT 106.9-107.1.

 

JPYINR

Observations

JPYINR trading range for the day is 54.6-55.32.

JPY strengthened as Japanese authorities stepped up verbal warnings against excessive forex moves.

Japan finmin says no change to stance on excessive forex moves

Bank of Japan Governor Kazuo Ueda stated that any future rate increases would be gradual, depending on how the economy develops

SELL JPYINR NOV @ 55.1 SL 55.3 TGT 54.85-54.65.

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