Sell GBPINR Nov @ 117 SL 117.3 TGT 116.7-116.5 - Kedia Advisory
USDINR
SELL USDINR NOV @ 89.2 SL 89.3 TGT 89.1-89.
Observations
USDINR trading range for the day is 88.76-89.78.
Rupee gained fueled by optimism over the government’s planned reform push.
S&P Global Ratings forecasts India's economy to grow 6.5 percent this fiscal year and 6.7 percent next.
India's foreign exchange reserves surged by $5.543 billion to $692.576 billion in the week ending November 14.
EURINR
SELL EURINR NOV @ 103 SL 103.3 TGT 102.7-102.5.
Observations
EURINR trading range for the day is 102.21-103.91.
Euro dropped as investors weighed the latest PMI data and dovish signals from a Federal Reserve official.
Eurozone private-sector activity grew robustly in November, slightly below October’s more than two-year high and broadly in line with expectations.
European Commission upgraded its Eurozone growth forecast for 2025 to 1.3% from 0.9%, citing a surge in exports to the US
GBPINR
SELL GBPINR NOV @ 117 SL 117.3 TGT 116.7-116.5.
Observations
GBPINR trading range for the day is 116.43-117.19.
GBP dropped after fresh data showed a notable easing in UK inflation.
Headline inflation dropped to 3.6% in October, driven by lower household electricity and heating costs.
Reeves has pledged to reduce living costs in her upcoming 26 November tax and spending statement, aiming to steer inflation lower.
JPYINR
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SELL JPYINR NOV @ 57 SL 57.2 TGT 56.8-56.6.
Observations
JPYINR trading range for the day is 56.73-57.31.
JPY slipped as traders continued to weigh a series of verbal interventions from authorities aimed at slowing the currency’s slide.
BOJ Governor Ueda and FM Katayama, fueling speculation that authorities could step in if the currency approaches 160 per dollar.
Takaichi’s massive stimulus package raised concerns about Japan’s fiscal health, while her administration also backed keeping interest rates low.
