Sell JPYINR Jul @ 51.9 SL 52.1 TGT 51.7-51.5 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.49-83.65.
Rupee weakened tracking a fall in its Asian peers and hurt by strong dollar demand from local oil companies.
India's forex reserves increased by $816 million to $653.7 billion as of June 21
India’s HSBC Manufacturing PMI rose to 58.3 in June from the previous reading of 57.5
SELL USDINR JUL @ 83.6 SL 83.7 TGT 83.5-83.4.
EURINR
Observation
EURINR trading range for the day is 89.49-89.93.
Euro remained in range as investors geared up for Eurozone inflation data for June
ECB Lagarde said that the central bank is in no hurry to cut interest rates further as it needs more time to assess inflation and economic trends.
Eurozone bank lending growth hovering near zero, ECB data shows
BUY EURINR JUL @ 89.5 SL 89.3 TGT 89.7-89.9.
GBPINR
Observations
GBPINR trading range for the day is 105.47-105.71.
GBP steadied as the country braces for upcoming parliamentary elections.
The Nationwide House Price Index in the United Kingdom rose by 1.5% year-on-year in June 2024
UK Manufacturing PMI was revised lower to 50.9 in June 2024 from a preliminary of 51.4
BUY GBPINR JUL @ 105.5 SL 105.2 TGT 105.8-106.
JPYINR
Observations
JPYINR trading range for the day is 51.52-52.44.
JPY depreciated due to stark interest rate differentials between Japan and the US.
The lack of urgency from the Bank of Japan to normalize monetary settings also weighed on the currency
Finance minister Suzuki reiterated that the government remains vigilant to currency moves, stating that foreign exchange levels reflect a complex mix of factors.
SELL JPYINR JUL @ 51.9 SL 52.1 TGT 51.7-51.5.
