Sell Jpyinr Nov @ 55 SL 55.2 TGT 54.8-58.6 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 84.35-84.55.
Rupee ending higher as the central bank's intervention supported the currency in the face of the U.S. dollar jumping to a two-year high.
RBI Governor noted that robust growth in the Indian economy has provided the Indian central bank with the flexibility to focus on inflation
India Manufacturing PMI fell to 57.3 in November 2024, slightly down from 57.5 in October
SELL USDINR NOV @ 84.55 SL 84.65 TGT 84.45-84.38.
EURINR
Observations
EURINR trading range for the day is 87.09-89.31.
Euro dropped as data from Germany and the Eurozone showed that the business activity contracted in early November.
Eurozone Manufacturing PMI fell to 45.2 in November 2024 from 46 in October and well below forecasts of 46.
ECB highlighted that heightened geopolitical tensions and policy uncertainties are amplifying sovereign vulnerabilities.
SELL EURINR NOV @ 89.15 SL 89.35 TGT 88.9-88.7
GBPINR
Observations
GBPINR trading range for the day is 104.84-107.06.
GBP weakened after data showing British retail sales fell by much more than expected in October.
The GfK Consumer Confidence Index in the United Kingdom increased by 3 points to -18 in November 2024
The Confederation of British Industry's monthly net balance of new orders increased to -19 in November 2024 from -27 in October
SELL GBPINR NOV @ 106.9 SL 107.1 TGT 106.7-106.5.
JPYINR
Observations
JPYINR trading range for the day is 54.5-55.1.
JPY seen supported as investors digested the latest economic releases.
Japan’s headline inflation rate slowed to a nine-month low of 2.3% in October
The au Jibun Bank Japan Manufacturing PMI unexpectedly declined to 49.0 in November 2024, the lowest figure since March
SELL JPYINR NOV @ 55 SL 55.2 TGT 54.8-58.6.
