Sell GBPINR Sep @ 119.4 SL 119.7 TGT 119.1-118.8 - Kedia Advisory
USDINR
BUY USDINR SEP @ 88.65 SL 88.5 TGT 88.8-88.9.
Observations
USDINR trading range for the day is 88.57-88.79.
Rupee traded in a narrow range with likely central bank intervention staving off the pressure from weak equities and foreign outflows.
India’s recent GST reforms are expected to ease retail prices and boost consumption, according to the RBI’s monthly bulletin.
The RBI sold a net $2.54 billion in the spot forex market in July, with no purchases, compared to $3.6 billion sold in June.
EURINR
SELL EURINR SEP @ 103.8 SL 104.1 TGT 103.5-103.2.
Observations
EURINR trading range for the day is 103.95-104.41.
Euro dropped as Uncertainty around the path of further US Federal Reserve rate cuts weighed.
The Ifo Business Climate Index fell 1.2 points to 87.7 in September, its lowest since May and below market expectations of 89.3.
Germany’s GfK Consumer Climate Indicator edged up to -22.3 heading into October 2025 from a marginally revised -23.5 in the previous period.
GBPINR
SELL GBPINR SEP @ 119.4 SL 119.7 TGT 119.1-118.8.
Observations
GBPINR trading range for the day is 118.83-119.77.
GBP dropped with investors seeking fresh cues on whether the BoE will cut interest rates in the remainder of the year.
BOE’s Greene advised caution on further interest rate cuts as risks to inflation have shifted to the upside.
Greene was one of the MPC members who supported holding interest rates steady in the monetary policy meetings in September and August.
JPYINR
SELL JPYINR SEP @ 59.7 SL 59.9 TGT 59.5-59.3.
Observations
JPYINR trading range for the day is 59.45-59.97.
JPY dropped as the dollar strengthened after US Federal Reserve Chair Jerome Powell adopted a cautious stance on further policy easing.
Some BOJ members expressed support for future rate hikes, even as the central bank unanimously held policy rates steady.
Politically, the ruling Liberal Democratic Party will elect a new leader on October 4 to replace outgoing Prime Minister Shigeru Ishiba.
