Sell JPYINR OCT @ 60.6 SL ABOVE 60.9 TGT 60 - Kedia Advisory
USDINR
BUY USDINR OCT @ 95 SL BELOW 94.8 TGT 95.35
Observations
USDINR trading range for the day is 94.76-95.28.
Rupee holding near six-week highs as RBI interventions and tighter foreign-exchange curbs continued to support the currency
Market participants are awaiting key economic indicators, including India's October flash PMI data, for fresh cues on the domestic economic outlook.
India's foreign exchange reserves declined by nearly $60 billion in six weeks to $726.027 billion, from a record high of $785.706 billion on September 4.
EURINR
SELL EURINR OCT @ 107.2 SL ABOVE 107.5 TGT 106.7
Observations
EURINR trading range for the day is 106.76-107.86.
Euro dropped as widespread protests across France and other European countries escalated into violent clashes.
Pressure also seen amid growing concerns over France's fiscal outlook and the European Central Bank's cautious stance on interest rate increases.
Rising energy costs threatened to weigh on economic growth while sustaining inflationary pressures across Europe, leaving the euro vulnerable to further declines.
GBPINR
SELL GBPINR OCT @ 126.8 SL ABOVE 127.1 TGT 126.4
Observations
GBPINR trading range for the day is 126.35-127.08.
GBP dropped as dollar index rose toward 102 benefiting from escalating hostilities between Russia and Ukraine.
The UK economy grew more than expected in August, reinforcing speculation that the Bank of England could raise interest rates next month.
GDP increased by 0.1% in August, following a 0.4% expansion in July and defying forecasts of a contraction.
JPYINR
SELL JPYINR OCT @ 60.6 SL ABOVE 60.9 TGT 60
Observations
JPYINR trading range for the day is 60.35-60.73.
JPY remaining within a narrow range after Governor Ueda said underlying inflation was already approaching the central bank's 2% target.
PM Takaichi vowed to "appropriately" control the scale of annual debt issuance, stressing that fiscal discipline and economic resilience are key to bolstering confidence.
BOJ is "doing the right thing" by normalising monetary policy and may need to raise interest rates faster if inflation rises more than expected - IMF
