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USDINR

Observations

USDINR trading range for the day is 84.13-84.19.

Rupee ended largely unchanged on importers' dollar demand and outflows from local equities

The US economy expanded an annualized 2.8% in Q3 2024, below 3% in Q2 and forecasts of 3%

India's economic outlook projects growth between 6.5% and 7.0% for the fiscal year

SELL USDINR NOV @ 84.18 SL 84.28 TGT 84.08-84.

EURINR

Observations

EURINR trading range for the day is 90.75-91.65.

Euro edges up following unexpectedly strong growth figures from the Eurozone

GDP growth rates for both France and Spain topped estimates in Q3 and inflation in Spain accelerated slightly as expected.

The German economy expanded 0.2% qoq in Q3 2024, rebounding from a 0.3% fall in Q2

BUY EURINR NOV @ 91.1 SL 90.9 TGT 91.3-91.5.

GBPINR

Observations

GBPINR trading range for the day is 108.81-109.71.

GBP steadied reflecting a modest degree of nervousness among traders before UK finance minister Rachel Reeves presents the new budget.

Sterling 1-week implied options volume hit its highest since March 2023; set for its biggest one-day rise since September 2022.

Net consumer credit in the United Kingdom rose by £1.2 billion in September 2024, the least in three months

SELL GBPINR NOV @ 109.2 SL 109.4 TGT 109-108.8.

JPYINR 

Observations

JPYINR trading range for the day is 54.9-55.7.

JPY recovers as investors look ahead to the latest Bank of Japan policy decision.

The BOJ is also unlikely to alter its policy following the ruling coalition's loss of parliamentary majority.

Finance Minister Kato emphasized that authorities are vigilant regarding FX movements.

SELL JPYINR NOV @ 55.3 SL 55.5 TGT 55.1-54.9.