Sell JPYINR Nov @ 55 SL 55.2 TGT 54.8-58.6 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 84.39-84.61.
Rupee weakened pressured by likely foreign outflows from local stocks and renewed strength in the dollar
RBI warns unchecked inflation could harm India's real economy, despite strong growth outlook
India's Q2 economic growth likely took a hit from heavy rains and corporate struggles: ICRA
SELL USDINR NOV @ 84.55 SL 84.65 TGT 84.45-84.38.
EURINR
Observations
EURINR trading range for the day is 88.88-89.4.
Euro fell amid growing concerns about downside risks to the Eurozone economy.
ECB highlighted that heightened geopolitical tensions and policy uncertainties are amplifying sovereign vulnerabilities
Euro zone negotiated wage growth accelerated in the third quarter, adding to the case for caution in cutting interest rates quickly as the labour market remains tight
SELL EURINR NOV @ 89.15 SL 89.35 TGT 88.9-88.7.
GBPINR
Observations
GBPINR trading range for the day is 106.47-107.35.
GBP rises after the UK inflation data for October came in hotter than expected.
Hot UK inflation data could diminish the odds of the BoE delivering another interest-rate cut in December.
Several Bank of England policymakers have warned about price pressures remaining persistent.
SELL GBPINR NOV @ 106.9 SL 107.1 TGT 106.7-106.5.
JPYINR
Observations
JPYINR trading range for the day is 54.42-54.92.
JPY dropped as dollar gains bolstered by expectations that Trump’s policies could reignite inflation.
However, uncertainty surrounding the Bank of Japan’s future interest rate hikes continued to weigh on the currency.
BOJ Ueda suggested that any rate hikes would be gradual, depending on economic conditions.
SELL JPYINR NOV @ 55 SL 55.2 TGT 54.8-58.6.
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