Sell JPYINR Oct @ 58.1 SL 58.3 TGT 57.9-57.7 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.7-83.88.
Rupee closed weaker as importer and interbank dollar bids outweighed cues from a rise in most Asian currencies.
Dollar-rupee forward premiums rose with the 1-year implied touching an over 16-month peak of 2.41%.
India to borrow 6.61 trillion rupees via bonds in Oct – March
SELL USDINR OCT @ 83.8 SL 83.9 TGT 83.7-83.6.
EURINR
Observations
EURINR trading range for the day is 93.18-93.62.
Euro dropped amid weak European business activity survey, amid a downbeat German business morale report.
Bank lending to households in the Eurozone rose by 0.6% year-on-year to €6.891 trillion in August 2024
Eurozone exporters will continue to struggle for years to come
SELL EURINR OCT @ 93.6 SL 93.8 TGT 93.4-93.
GBPINR
Observations
GBPINR trading range for the day is 111.37-112.37.
GBP rose after China's stimulus plan boosted investors' risk appetite.
Monetary policy divergence between the Bank of England and other major central banks is also providing support.
Bank of England should be cautious about cutting interest rates due to the risk of longer-term inflation pressures – Greene.
SELL GBPINR OCT @ 112.2 SL 112.5 TGT 111.9-111.7.
JPYINR
Observations
JPYINR trading range for the day is 57.75-58.33.
JPY weakened on lingering uncertainty about the inflation outlook
Bank of Japan’s minutes revealed that members called for vigilance to upside inflation risks
BOJ Governor said they have time to assess market and economic developments before adjusting monetary policy
SELL JPYINR OCT @ 58.1 SL 58.3 TGT 57.9-57.7.
