Sell GBPINR Nov @ 116.8 SL 117.1 TGT 116.5-116.2 - Kedia Advisory
USDINR
SELL USDINR NOV @ 88.8 SL 88.95 TGT 88.65-88.55.
Observations
USDINR trading range for the day is 88.7-88.82.
Rupee held near record low supported by a familiar pattern of the central bank's intervention.
India’s wholesale prices dropped 1.21% year-on-year in October 2025, compared with market expectations of a 0.6% decline.
India’s retail inflation slumped 0.25% to a record low in October, well below the RBI’s 2%-6% tolerance band for a second month.
EURINR
SELL EURINR NOV @ 103.3 SL 103.6 TGT 103-102.7.
Observations
EURINR trading range for the day is 102.8-103.58.
Euro steadied as risk appetite improved following the reopening of Fed, while investors awaited further guidance on ECB and Fed policy.
The ECB is widely expected to hold rates steady, with markets assigning just a 40% probability of a cut by September 2026.
ECB’s Guindos emphasized that current rates are appropriate, urging the central bank to remain “very prudent and cautious.”
GBPINR
SELL GBPINR NOV @ 116.8 SL 117.1 TGT 116.5-116.2.
Observations
GBPINR trading range for the day is 116.07-117.37.
GBP dropped after reports that Chancellor Rachel Reeves is considering dropping plans to raise income tax in the November 26 Budget.
Prime Minister Keir Starmer and Chancellor Rachel Reeves scrapped earlier proposals to hike basic and higher tax bands.
The downturn in Britain's labour market abated slightly last month as recruiters reported the first increase in demand for temporary staff.
