SELL JPYINR NOV @ 58.2 SL 58.4 TGT 58-57.8 - Kedia Advisory
USDINR
SELL USDINR NOV @ 88.4 SL 88.55 TGT 88.25-88.15.
Observations
USDINR trading range for the day is 88.19-88.57.
Rupee closed modestly higher as likely central bank intervention supported the currency in face of month-end dollar bids.
Dollar-rupee far forward premiums were modestly lower, with the 1-year implied yield down 2 basis points at 2.24%.
India's industrial output slowdown in the first half of fiscal year 2025-26 is expected to be countered by GST rationalisation.
EURINR
SELL EURINR NOV @ 103.1 SL 103.4 TGT 102.8-102.6.
Observations
EURINR trading range for the day is 102.68-103.26.
Euro dropped as markets entered a crucial week filled with global trade negotiations, central bank meetings, and key economic data releases across Europe.
Euro Area will release flash third-quarter GDP figures and October inflation data, providing further insight into the region’s economic outlook.
The Spanish economy grew 0.6% quarter-on-quarter in the three months to September 2025, easing from 0.8% in the previous quarter.
GBPINR
SELL GBPINR NOV @ 117 SL 117.3 TGT 116.7-116.3.
Observations
GBPINR trading range for the day is 116.38-117.66.
GBP fell as traders slightly increased bets on Bank of England rate cuts.
The Office for Budget Responsibility plans to downgrade the UK’s productivity growth forecast by about 0.3 percentage points.
Money markets now assign roughly a 68% probability of a 25 basis-point rate cut by the Bank of England in December.
JPYINR
SELL JPYINR NOV @ 58.2 SL 58.4 TGT 58-57.8.
Observations
JPYINR trading range for the day is 57.17-60.09.
JPY dropped as investors positioned for BOJ's policy decision, where rates are expected to remain unchanged.
US Treasury Secretary Scott Bessent met with Finance Minister Katayama to discuss currency volatility, urging “sound monetary policy”.
US President Trump met with new Prime Minister Takaichi, pledging deeper US-Japan ties and signing agreements on trade and critical minerals.
