SELL JPYINR SEP @ 60.7 SL 60.9 TGT 60.5-60.3 - Kedia Advisory
USDINR
BUY USDINR SEP @ 94.5 SL 94.3 TGT 94.7-94.9.
Observations
USDINR trading range for the day is 93.99-95.33.
Rupee climbed to a two-month high after massive overseas fundraising through one-off measures far exceeded market expectations.
India's FX reserves are already at a record $729.3 billion and are expected to rise further.
The RBI's forward book, at an all-time high of $137 billion, is also expected to grow.
EURINR
SELL EURINR SEP @ 110.35 SL 110.7 TGT 110-109.7.
Observations
EURINR trading range for the day is 109.48-110.76.
Euro dropped as oil prices continued to rally amid renewed fighting in the Middle East, raising inflationary risks.
Markets are currently pricing in a rate hike from the European Central Bank at its meeting next week.
Euro zone inflation rises above 3%, cementing ECB rate hike bets
GBPINR
SELL GBPINR SEP @ 128 SL 128.3 TGT 127.7-127.5.
Observations
GBPINR trading range for the day is 127.43-128.77.
GBP dropped as renewed risk aversion driven by higher oil prices weighed, while hawkish signals from the Fed continued to support the US dollar.
Markets are pricing around 32 basis points of BoE tightening by year-end, with a November hike seen as almost 70% likely and a second hike by February priced at around 80%.
British Retail Consortium report, showed UK shop-price inflation accelerating to its highest level in two years.
JPYINR
SELL JPYINR SEP @ 60.7 SL 60.9 TGT 60.5-60.3.
Observations
JPYINR trading range for the day is 59.89-61.07.
JPY gains on alert for any signs that authorities could step in again to support the Japanese currency.
Japan’s Services PMI Business Activity Index rose to 52.5 in August 2026 from the July’s 51.2.
Japan’s Composite PMI Business Activity Index was at 53.5 in August 2026, up from a July's 52.7.
