Sell EURINR Oct @ 91.4 SL 91.6 TGT 91.2-91 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.99-84.15.
Rupee weakened weighed down by strong dollar demand from foreign banks, likely due to outflows from equities.
India's retail inflation accelerated to a 9-month high of 5.49 per cent on an annual basis in September
Foreign investors have pulled out $8.1 billion, on a net basis, from local stocks over October so far
SELL USDINR OCT @ 84.12 SL 84.22 TGT 84.02-83.94.
EURINR
Observations
EURINR trading range for the day is 91.09-91.65.
Euro dropped as the dollar rose amid signs of strength in the US economy supported.
The ECB lowered its three key interest rates by 25 bps in October 2024, as expected.
Annual inflation rate in the Euro Area was revised lower to 1.7% in September 2024
SELL EURINR OCT @ 91.4 SL 91.6 TGT 91.2-91.
GBPINR
Observations
GBPINR trading range for the day is 108.6-109.74.
GBP fell sharply after inflation in the UK fell more than expected
Annual inflation rate slowed to 1.7%, the lowest since April 2021 and below forecasts of 1.9%.
Core inflation dropped to 3.2% from 3.6% and the services inflation fell to 4.9%, the lowest since May 2022.
BUY GBPINR OCT @ 109.3 SL 109 TGT 109.6-109.8.
JPYINR
Observations
JPYINR trading range for the day is 55.96-56.7.
JPY dropped as investors reacted to disappointing trade figures.
Japan’s trade balance shifted to a deficit of JPY 294.24 billion in September 2024
The Reuters Tankan sentiment index for manufacturers in Japan rose to +7 in October 2024 from +4 in September
BUY JPYINR OCT @ 56.1 SL 55.9 TGT 56.3-56.5.
