Sell JPYINR Aug @ 58 SL 58.3 TGT 57.7-57.5 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.14-85.38.
Rupee fell pressured by a decline in its Asian peers and strong dollar demand in the non-deliverable forwards market.
RBI’s interventions across the non-deliverable forwards (NDF), spot over-the-counter (OTC) and futures market have kept volatility in check.
Dollar-rupee forward premiums eased slightly but managed to hold on to much of their gains from a climb to a 14-month high
BUY USDINR AUG @ 83.95 SL 83.85 TGT 84.05-84.15.
EURINR
Observations
EURINR trading range for the day is 91.5-92.1.
Euro eased as traders continue to assess the monetary and economic outlook.
Weak economic data for the US raised concerns about a big slowdown or a potential recession.
Factory orders in Germany rose by 3.9% month-over-month in June 2024
SELL EURINR AUG @ 92 SL 92.2 TGT 91.7-91.5.
GBPINR
Observations
GBPINR trading range for the day is 106.3-107.62.
GBP fell as investors anticipate faster interest rate cuts by the Bank of England.
Retail sales in the United Kingdom increased 0.3% on a year-on-year basis in July
The S&P Global UK Construction PMI jumped to 55.3 in July 2024
SELL GBPINR AUG @ 107 SL 107.3 TGT 106.7-106.5.
JPYINR
Observations
JPYINR trading range for the day is 57.34-58.5.
JPY slipped as the major unwinding of popular carry trades slowed
In June, average cash earnings in Japan increased by 4.5% year on year
Household consumption in Japan fell in real terms by 1.4% year on year in June
SELL JPYINR AUG @ 58 SL 58.3 TGT 57.7-57.5.
