Sell JPYINR OCT @ 61.5 SL 61.8 TGT 61.2-61 - Kedia Advisory
USDINR
SELL USDINR OCT @ 96.6 SL 96.8 TGT 96.2-96.
Observations
USDINR trading range for the day is 96.01-96.65.
Rupee slipped as oil prices climbed after diplomatic talks between the US and Iran appeared to hit an impasse.
US Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz, keeping tensions in the Middle East elevated.
India's foreign exchange reserves declined $15 billion week-on-week as of September 18, likely reflecting interventions to support the rupee
EURINR
SELL EURINR OCT @ 109.9 SL 110.2 TGT 109.6-109.3.
Observations
EURINR trading range for the day is 109.41-110.55.
Euro steadied as the US dollar remained supported by fading optimism over progress in US-Iran talks and growing expectations of further Federal Reserve rate hikes this year.
Hawkish remarks from Fed officials, alongside economic data pointing to robust growth and a resilient labor market, have reinforced expectations of tighter US monetary policy.
Money markets are now pricing in roughly 100 basis points of interest-rate hikes by the end of 2027.
GBPINR
SELL GBPINR OCT @ 128 SL 128.3 TGT 127.7-127.4.
Observations
GBPINR trading range for the day is 127.22-128.58.
GBP seen supported amid Rupee weakness as investors turned to safe-haven assets amid fading optimism that progress could be made in talks between the US and Iran.
BoE Governor Andrew Bailey said last week that persistently high energy prices would make it harder to keep rates on hold
Investors increased bets on tighter Bank of England policy, pricing in an over 80% chance of a rate hike in November
JPYINR
SELL JPYINR OCT @ 61.5 SL 61.8 TGT 61.2-61.
Observations
JPYINR trading range for the day is 60.84-61.8.
JPY gained amid Rupee firmness due to firm expectations that the Federal Reserve will further tighten policy to contain inflation.
It was appropriate for the Bank of Japan to continue raising policy interest rates and gradually adjust monetary accommodation, minutes showed.
Members stressed preemptive action against upside risks to avoid rapid hikes later, noting the rate remains below the neutral range.
