SELL EURINR NOV @ 90.7 SL 90.9 TGT 90.5-90.3 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 83.97-84.81.
Rupee fell to the lowest on record, as strength in the dollar after US elections magnified the outflow of foreign capital from Indian financial markets.
India economic activity remains strong, cenbank governor says, amid rising growth concerns
The HSBC India Services PMI was revised higher to 58.5 in October 2024 from a flash estimate of 57.9, following a final reading of 57.7 in September
SELL USDINR NOV @ 84.4 SL 84.52 TGT 84.28-84.18.
EURINR
Observations
EURINR trading range for the day is 89.68-91.96.
Euro plunged as the dollar surged following early indications that Trump is likely to win the US presidential election
Investors continued to assess the European Central Bank's policy outlook, following an unexpectedly strong inflation report for the Eurozone.
The annual inflation rate in the region rose to 2% from its 2021 low of 1.7%, surpassing expectations of 1.9%.
SELL EURINR NOV @ 90.7 SL 90.9 TGT 90.5-90.3
GBPINR
Observations
GBPINR trading range for the day is 108.07-109.21.
GBP fell as a stronger dollar gained momentum on early U.S. election results indicating a higher likelihood of a Donald Trump victory.
The Office for Budget Responsibility recently raised its 2025 inflation forecast to an average of 2.6%, up from 1.5% projected in March.
UK Services PMI was revised slightly higher to 52 in October 2024 from a preliminary of 51.8 and compared to 52.4 in September
BUY GBPINR NOV @ 108.5 SL 108.2 TGT 108.8-109.
JPYINR
Observations
JPYINR trading range for the day is 54.45-55.65.
JPY weakened as the dollar and US Treasury yields surged after former President Donald Trump took an early lead.
The Reuters Tankan sentiment index for Japan's manufacturers fell to +5 in November 2024 from +7 in October
The au Jibun Bank Japan Composite PMI was revised upward to 49.6 in October from a flash reading of 49.4
SELL JPYINR NOV @ 55.2 SL 55.5 TGT 54.9-54.7.
Tag News
Buy EURINR Dec @ 88.3 SL 88.1 TGT 88.5-88.7. - Kedia advisory