Sell GBPINR NOV @ 125.85 SL ABOVE 126.15 TGT 125.35 - Kedia Advisory
USDINR
SELL USDINR NOV @ 94.15 SL ABOVE 94.3 TGT 93.9
Observations
USDINR trading range for the day is 94.05-94.24.
Rupee strengthened towards 94 marks, rising to its highest level since April 22, supported by strong foreign inflows into equity and debt markets.
Rally was further aided by the unwinding of the previously dominant AI trade and a sharp decline in crude oil prices following the Democrats' sweeping victory in the US midterm elections.
India's consumer inflation likely accelerated in October, edging closer to the upper end of the Reserve Bank of India's 2% to 6% target range.
EURINR
SELL EURINR NOV @ 105.35 SL ABOVE 105.7 TGT 104.9
Observations
EURINR trading range for the day is 105.03-105.57.
Euro dropped driven by concerns over tighter regulation of the artificial intelligence industry and a possible slowdown in data center expansion.
Data showed euro zone inflation accelerated to 4% in October from 3.8% in September.
ECB policymakers have said a December rate hike is on the table, but that the decision will depend on incoming economic and inflation data.
GBPINR
SELL GBPINR NOV @ 125.85 SL ABOVE 126.15 TGT 125.35
Observations
GBPINR trading range for the day is 125.41-126.20.
GBP dropped as a global tech selloff triggered renewed demand for the safe-haven US dollar.
BOE’s voted 8-1 to raise rates to 4% from 3.75%, with the dissent coming not from a policymaker seeking to keep rates on hold but from one seeking a bigger hike.
Governor Bailey signaled that further rate increases may be necessary unless the Iran war is resolved, which would help ease the inflationary pressures.
JPYINR
SELL JPYINR NOV @ 60.45 SL ABOVE 60.65 TGT 60
Observations
JPYINR trading range for the day is 60.15-60.75.
JPY dropped amid Rupee firmness after seen supported as nominal wages in Japan rose at their fastest pace in nearly three decades.
Japan to spend proceeds from BOJ's ETF sales on growth areas,
PM says BOJ’s September meeting minutes suggested that the central bank could accelerate monetary tightening as it assesses the effects of developments in ME
