Sell JPYINR NOV @ 56.1 SL 56.3 TGT 55.9-55.75 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 83.26-83.36.
Rupee ended flat as pressure from month-end U.S. dollar demand from importers was blunted by RBI’s continued defense of the local unit.
Elevated U.S. Treasury yields and weak risk sentiment have prompted outflows from Indian equities, increasing pressure on the rupee.
India's forex reserves fall $2.36 bn to $583.5 bn
SELL USDINR NOV @ 83.45 SL 83.6 TGT 83.35-83.2.
EURINR
Observations
EURINR trading range for the day is 87.91-88.43.
Euro gains as investors braced for the latest inflation data out of Germany and Spain, as well as preliminary GDP figures for Germany.
Markets also turned cautious ahead of monetary policy decisions from major central banks this week.
The Ifo Business Climate indicator for Germany rose by 1.1 points from the previous month to 86.9 in October 2023
BUY EURINR NOV @ 88.1 SL 87.9 TGT 88.35-88.5.
GBPINR
Observations
GBPINR trading range for the day is 100.68-101.34.
GBP steadied with the Bank of England expected to maintain unchanged interest rates at its upcoming Thursday meeting.
Consumer credit in the United Kingdom grew by £1.391 billion in September of 2023, slowing from the upwardly revised
CFTC data showed net GBP short rose to 18,636 contracts in week ended Oct 24
BUY GBPINR NOV @ 100.9 SL 100.65 TGT 101.25-101.45
JPYINR
Observations
JPYINR trading range for the day is 55.85-56.23.
JPY remained supported as traders looked to a policy decision by the Bank of Japan later in the week
Data showed that Tokyo’s core inflation rate, accelerated and exceeded forecasts in October, keeping the BOJ under pressure to normalize monetary settings.
The au Jibun Bank Japan Manufacturing PMI stood at 48.5 in October 2023, unchanged from September’s seven-month low
SELL JPYINR NOV @ 56.1 SL 56.3 TGT 55.9-55.75
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Sell USDINR OCT @ 83.3 SL 83.45 TGT 83.1-82.95 - Kedia Advisory