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26-10-2023 11:17 AM | Source: Kedia Advisory
Sell JPYINR OCT @ 55.6 SL 55.8 TGT 55.4-55.2. - Kedia Advisory
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USDINR

Observations

USDINR trading range for the day is 83.03-83.27.

Rupee remained in range as investors pondered over global recession risks and rising geopolitical tensions in the Middle East.

India's macroeconomic outlook for the 2023-24 financial year is bright and "solidly underpinned" by robust domestic fundamentals

Investors kept a wary eye on the situation in the Middle East amidst reports of an imminent ground invasion of Gaza by Israel.

SELL USDINR OCT @ 83.2 SL 83.35 TGT 83-82.85.


EURINR 

Observations

EURINR trading range for the day is 87.75-88.29.

Euro dropped as investors processed weaker-than-expected PMI data while preparing for an upcoming ECB meeting

Eurozone business activity in October contracted the most since November 2020

Eurozone consumer morale deteriorates to 7-month low

SELL GBPINR OCT @ 101 SL 101.25 TGT 100.7-100.5



GBPINR

Observations

GBPINR trading range for the day is 100.54-101.4.

GBP dropped as the UK labour market lost more steam in August and business activity deteriorated this month.

The UK unemployment rate rose to 4.2% in the three months to August, up 0.2 percentage points from the March-May period.

Ratings agency Moody's revised Britain's outlook to "stable" from "negative".

SELL GBPINR OCT @ 101 SL 101.25 TGT 100.7-100.5.



JPYINR

Observations

JPYINR trading range for the day is 55.5-55.64.

JPY remained in range as the dollar drew support from a survey showing U.S. business pulling out of a five month contraction.

Pressure is mounting on the Bank of Japan to change its bond yield control as global interest rates rise.

The index of coincident economic indicators in Japan, was revised higher to 114.6 in August 2023 from 114.3

SELL JPYINR OCT @ 55.6 SL 55.8 TGT 55.4-55.2. 


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