SELL JPYINR NOV @ 56.1 SL 56.3 TGT 55.85-55.7 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.23-83.41.
Rupee ended slightly higher aided by IPO-related inflows but importers' U.S. dollar demand capped gains.
India's GDP likely grew 7% in Q2, piping MPC's forecast of 6.5%: ICRA
The Ministry of Finance stated that they remain on high alert over inflationary risks.
SELL USDINR NOV @ 83.4 SL 83.55 TGT 83.22-83.1.
EURINR
Observations
EURINR trading range for the day is 90.54-91.14.
Euro dropped as investors continued to assess the latest Federal Reserve policy meeting minutes.
US central bank signaled that monetary policy will remain restrictive and gave no indication that it could start cutting interest rates soon.
ECB policymaker Pablo Hernandez de Cos further stated that discussing rate cuts at this stage was "premature."
SELL EURINR NOV @ 91 SL 91.2 TGT 90.75-90.6.
GBPINR
Observations
GBPINR trading range for the day is 104.1-104.6.
GBP steadied as BOE Governor Bailey reiterated that the central bank's stance on interest rates did not need changing.
Bailey told the British parliament's Treasury Select Committee that inflation was on track to get back to the central bank's 2% target
BOE’s Mann said she favoured further tightening to ensure inflation returns to target.
SELL GBPINR NOV @ 104.5 SL 104.8 TGT 104.15-104.
JPYINR
Observations
JPYINR trading range for the day is 55.54-56.58.
JPY dropped as minutes of Fed’s meeting revealed that monetary setting will likely stay restrictive
Japan cuts view on economy for first time in 10 months
Investors look ahead to preliminary manufacturing and services PMI figures and inflation data in Japan this week to guide the economic
SELL JPYINR NOV @ 56.1 SL 56.3 TGT 55.85-55.7.
