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USDINR

Observations

USDINR trading range for the day is 84.04-84.12.

Rupee ended nearly unchanged managing to hold its ground in the face of weakness in Asian peers and a fall in local stocks.

India Manufacturing PMI rose to 57.4 in October 2024, up from 56.5 in the previous month.

Expectations that the RBI may commence its easing cycle this year waned after consumer inflation soared past expectations to 5.5% in September

SELL USDINR OCT @ 84.12 SL 84.22 TGT 84.02-83.94.

EURINR

Observations

EURINR trading range for the day is 90.61-91.43.

Euro gains as data suggested the ECB may cut interest rates by only 25 bps in December instead of 50.

Median expectations for inflation over the next 12 months in the Euro Area edged down to 2.4% in September 2024

ECB shouldn't be hasty in calling off inflation fight – Nagel

SELL EURINR OCT @ 91 SL 91.2 TGT 90.8-90.6.

GBPINR

Observations

GBPINR trading range for the day is 108.76-109.46.

GBP gains after reports suggested finance minister Rachel Reeves may allow more borrowing in the upcoming budget, which could delay BOE rate cuts.

The GfK Consumer Confidence indicator in the United Kingdom fell slightly to -21 in October 2024 from -20 in September

Bank of England's Mann says fall in inflation pressure has long way to go

SELL GBPINR OCT @ 109.2 SL 109.5 TGT 108.9-108.7

JPYINR 

Observations

JPYINR trading range for the day is 54.04-56.08.

JPY steadied as investors geared up for Japan’s general election where the coalition government could lose its majority in the parliament.

BOJ’s Ueda said optimism over the U.S. economic outlook was broadening but markets remained unstable

The index of coincident economic indicators in Japan, stood at 114.0 in August 2024

SELL JPYINR OCT @ 55.4 SL 55.6 TGT 55.1-54.9.