Sell JPYINR OCT @ 56.2 SL 56.4 TGT 56-55.8 -Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.15-83.45.
Rupee rose marginally as the Reserve Bank of India likely sold dollars to aid the local unit.
The final reading for the US GDP confirmed a sharp growth rate of 2.1% for the second quarter of the year.
India’s current account deficit narrowed to $9.2 billion in the second quarter of 2023, equivalent to 1.1% of the GDP
SELL USDINR OCT @ 83.4 SL 83.55 TGT 83.25-83.12.
EURINR
Observations
EURINR trading range for the day is 87.37-88.23.
Euro dropped as concerns have grown that persistent inflationary pressures may require major central banks to maintain higher interest rates
ECB recently implemented its 10th consecutive rate increase, signaling a potential pause in its tightening policy
Consumer confidence in Italy eased for a third consecutive month to 105.4 in September 2023
BUY EURINR OCT @ 87.8 SL 87.6 TGT 88.05-88.25.
GBPINR
Observations
GBPINR trading range for the day is 100.77-102.15.
GBP recovers as the dollar's relentless rally paused
Money markets are still pricing in one more rate hike from the BoE, which would take the Bank Rate to 5.5%
Bank of England maintained its interest rates at the September meeting but indicated a commitment to elevated interest rates
BUY GBPINR OCT @ 101.4 SL 101.1 TGT 101.75-102.
JPYINR
Observations
JPYINR trading range for the day is 56-56.26.
JPY dropped as the Bank of Japan remained committed to ultra-easy monetary policy
Japan finmin Suzuki reiterates warning against excessive FX volatility
Yen’s weakness prompted Japan’s finance ministry to step up warnings of possible currency intervention in recent weeks.
SELL JPYINR OCT @ 56.2 SL 56.4 TGT 56-55.8.
