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USDINR

Observations

USDINR trading range for the day is 84.11-84.23.

Rupee touched its weakest level on record as persistent outflows from local stocks blunted the impact of a weaker dollar.

The HSBC India Manufacturing PMI stood at 57.5 in October 2024, compared with the flash estimate of 57.4

The 1-month implied volatility on the dollar/rupee pair was at 2.3%, a day before the U.S. elections, nearly on par with the year-to-date daily average.

BUY USDINR NOV @ 84.15 SL 84.05 TGT 84.25-84.33

EURINR

Observations

EURINR trading range for the day is 91.52-91.96.

Euro appreciated following a higher-than-expected inflation reading in the Euro Area

ECB's Panetta warns rate policy mustn't push inflation too low

Annual inflation rate in the Eurozone rose to 2% from 2021-lows of 1.7% and above forecasts of 1.9%.

SELL EURINR NOV @ 91.85 SL 92.05 TGT 91.6-91.4.

GBPINR

Observations

GBPINR trading range for the day is 108.82-109.42.

GBP gains as the dollar declines ahead of the US presidential election.

UK Chancellor of the Exchequer announced 40 billion pounds worth of taxes, the highest since 1993

Investors focusing on the Bank of England’s (BoE) monetary policy decision, which will be announced on Thursday.

BUY GBPINR NOV @ 109 SL 108.8 TGT 109.3-109.5

JPYINR 

Observations

JPYINR trading range for the day is 55.29-55.75.

JPY gains driven mainly by weakness in the dollar amid growing uncertainty over the outcome of the US presidential election.

Bank of Japan kept its policy rate unchanged at 0.25% last week as the central bank navigates a political shake-up in Japan

The consumer confidence index in Japan declined to 36.2 in October 2024 from September's five-month high of 36.9

SELL JPYINR NOV @ 55.6 SL 55.8 TGT 55.4-55.