SELL EURINR AUG @ 93.6 SL 93.9 TGT 93.3-93. - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.92-84.
Rupee weakened slightly tracking mild declines in most of its Asian peers and pressured by sustained dollar demand
India retained its growth momentum in Q1 of FY25, says FinMin's monthly economic review
India Manufacturing PMI fell to 57.9 in August 2024, down from 58.1 the previous month
SELL USDINR AUG @ 83.98 SL 84.1 TGT 83.86-83.76
EURINR
Observations
EURINR trading range for the day is 93.23-93.87.
Euro gains amid the outlook of cheaper credit costs and positive activity data in the currency bloc.
Eurozone’s PMI rose much more than expected to 51.2 in August, pointing to some traction in services activity.
Eurozone Services PMI rose to 53.3 in August of 2024 from 51.9 in the prior month
SELL EURINR AUG @ 93.6 SL 93.9 TGT 93.3-93.
GBPINR
Observations
GBPINR trading range for the day is 109.37-110.79.
GBP rose following better-than-expected growth in UK manufacturing and services activity for August.
The S&P Global UK Manufacturing PMI rose to 52.5 in August of 2024 from 52.1 in the previous month
The S&P Global Flash UK PMI composite output index increased to 53.4, marking a four-month high.
SELL GBPINR AUG @ 110.25 SL 110.5 TGT 110-109.8.
JPYINR
Observations
JPYINR trading range for the day is 57.1-57.96.
JPY gains as Fed’s minutes showed that most members agree that it would be appropriate to start cutting interest rates in September
The au Jibun Bank Japan Services PMI increased to 54.0 in August from a final 53.7 in the prior month
The au Jibun Bank Japan Manufacturing PMI increased to 49.5 in August from a four-month low of 49.1 in the previous month
BUY JPYINR AUG @ 57.2 SL 57 TGT 57.45-57.65.
