Sell JPYINR SEP @ 60.5 SL 60.7 TGT 60.3-60.2 - Kedia Advisory
USDINR
BUY USDINR SEP @ 94.4 SL 94.2 TGT 94.6-94.8.
Observations
USDINR trading range for the day is 94.36-94.68.
Rupee ended unchanged but posted its best weekly performance, helped by stronger-than-expected dollar inflows into the central bank's special schemes.
India's services growth picks up in August but stays near four-year low, PMI shows
India manufacturing PMI falls to 5-year low in August as demand weakens
EURINR
SELL EURINR SEP @ 110.35 SL 110.7 TGT 110-109.7.
Observations
EURINR trading range for the day is 109.76-110.74.
Euro steadied as investors attention gradually shifted towards the European Central Bank’s September 10 meeting.
Money markets continue to fully price in a 25-basis-point ECB rate hike to 2.5%, while also assigning an almost 100% probability to the deposit rate reaching 3% by June 2027.
Germany’s factory orders rose 2.5% in July, easing from an upwardly revised 3.7% increase in June but comfortably exceeding market expectations of a 0.3% gain.
GBPINR
SELL GBPINR SEP @ 128.25 SL 128.6 TGT 127.8-127.5.
Observations
GBPINR trading range for the day is 127.91-128.47.
GBP gains as a sharp rally in the yen weighed on the US dollar and easing oil prices provided some relief.
Bank of England's Pill says higher rates would help head off inflation pressure
Markets are now fully pricing in a Bank of England rate hike by year-end, with another increase expected by March 2027.
JPYINR
SELL JPYINR SEP @ 60.5 SL 60.7 TGT 60.3-60.2.
Observations
JPYINR trading range for the day is 60.4-60.72.
JPY dropped on profit booking after seen supported amid dollar weakness after Fed’s Waller comments.
Japan's top currency diplomat Atsushi Mimura said he remained on alert to exchange-rate moves.
The BOJ is expected to deliver a quarter-point rate hike this month and an additional increase in December.
