Sell EURINR OCT @ 88.15 SL 88.35 TGT 87.9-87.75. - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.07-83.25.
Rupee ended lower tracking a decline in Asian currencies, while forward premiums fell.
S&P Global PMIs for the US beat expectations, in another sign the US economy remained robust in October.
However, likely intervention by RBI continued to help prevent a breach of the rupee's record low.
SELL USDINR OCT @ 83.2 SL 83.35 TGT 83-82.85
EURINR
Observations
EURINR trading range for the day is 87.79-88.53.
Euro struggled as investors prepared for an upcoming European Central Bank meeting later in the week
Policymakers will likely leave interest rates unchanged, following 10 consecutive hikes that brought borrowing costs to multi-year highs
ECB chief economist Philip Lane stated that there is a considerable way to go before contemplating rate cuts.
SELL EURINR OCT @ 88.15 SL 88.35 TGT 87.9-87.75.
GBPINR
Observations
GBPINR trading range for the day is 100.84-101.5.
GBP weakened amid worries over rising bond yields and the escalating Israel-Hamas conflict.
Moody's credit rating agency has dropped its negative outlook on the UK
British consumer price inflation was at a 1-1/2-year low of 6.7% in September
SELL GBPINR OCT @ 101.25 SL 101.5 TGT 101-100.85.
JPYINR
Observations
JPYINR trading range for the day is 55.48-55.64.
JPY remained in range as concerns over an escalating conflict in the Middle East dampened market sentiment.
Japan's Kishida vows measures to cushion blow from rising inflation
The core consumer price index in Japan, which excludes fresh food but includes fuel costs, rose 2.8% in September 2023 from a year ago
SELL JPYINR OCT @ 55.7 SL 55.9 TGT 55.5-55.3.
