Sell EURINR OCT @ 88.6 SL 88.8 TGT 88.35-88.2. - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.15-83.35.
Rupee closed stronger as dovish comments from the Fed lowered expectations of an additional rate hike this year.
The International Monetary Fund updated India's economic growth forecast to 6.3% from 6.1% India needs 8% growth to topple China as global driver
SELL USDINR OCT @ 83.4 SL 83.55 TGT 83.25-83.12.
EURINR
Observation
EURINR trading range for the day is 88.13-88.59.
Euro seen supported as investors digested dovish messages from policymakers at both the Federal Reserve and the European Central Bank.
The German consumer price inflation rate was confirmed at 4.5% year-on-year in September 2023
Investors continued to assess the economic and monetary policy outlook globally, while monitoring geopolitical risks in the Middle East.
SELL EURINR OCT @ 88.6 SL 88.8 TGT 88.35-88.2.
GBPINR
GBPINR trading range for the day is 102.03-102.61.
GBP gains as dovish remarks from top Federal Reserve officials weighed on the dollar.
The International Monetary Fund lowered the United Kingdom's GDP forecast for 2024 to 0.6% from a previous forecast of 1.0%.
British employers cut their job vacancies for the first time in more than two and half years in September and reduced their hiring again
SELL GBPINR OCT @ 102.6 SL 102.9 TGT 102.3-102.1.
JPYINR
Observation
JPYINR trading range for the day is 56.06-56.28.
JPY steadied amid growing expectations that the Federal Reserve will not raise interest rates in November.
Safe-haven demand also supported the currency following Hamas’ surprise attack on Israel over the weekend.
Japan's machine tool orders dropped 11.2% year-on-year to JPY 133,913 million in September 2023
SELL JPYINR OCT @ 56.2 SL 56.4 TGT 56-55.82.
