SELL JPYINR JUL @ 59.5 SL 59.7 TGT 59.3-59.1 - Kedia Advisory
USDINR
SELL USDINR JUL @ 96.6 SL 96.8 TGT 96.4-96.2.
Observations
USDINR trading range for the day is 96.03-96.99.
Rupee avoided a record low as RBI likely intervened to blunt pressure from surging oil prices, weak domestic equities.
India July manufacturing PMI preliminary 53.9, below forecast 54.7 and down from previous 54.2.
India's GDP growth in 2026/27 faces key downside risks from a widening war in the Middle East and a monsoon weakened by the El Nino weather effect.
EURINR
SELL EURINR JUL @ 110 SL 110.3 TGT 109.7-109.4.
Observations
EURINR trading range for the day is 109.6-110.4.
Euro dropped after the European Central Bank left its key interest rates unchanged at its July meeting, in line with market expectations.
Policymakers maintained a cautious, data-dependent stance, stressing a wait-and-see approach amid heightened uncertainty, particularly around energy prices.
Consumer confidence in the Euro Area improved for a third consecutive month to -15.9 in July 2026 from -17.6 in June
GBPINR
SELL GBPINR JUL @ 129.6 SL 130 TGT 129.2-128.8.
Observations
GBPINR trading range for the day is 129.09-130.03.
GBP dropped as investors digested fresh fiscal announcements and a more hawkish interest rate outlook.
Finance Minister John Healey warned about rising business costs alongside persistent cost-of-living pressures, reinforcing concerns over the UK's inflation outlook.
UK GfK Consumer Confidence Index rose to -17 in July 2026 from -23 in June, marking the highest level since January.
JPYINR
SELL JPYINR JUL @ 59.5 SL 59.7 TGT 59.3-59.1.
Observations
JPYINR trading range for the day is 19.83-19.83.
JPY steadied with repeated warnings of possible intervention failing to curb the currency’s weakness amid broad US dollar strength.
Japan Manufacturing PMI inched down to 54.7 in July 2026 from 54.8 in the previous month, but surpassed market expectations of 54.5.
Japan’s S&P Services PMI Business Activity Index eased to 51.9 in July 2026 from a final 52.2 in the previous month.
