Sell JPYINR Sep @ 60 SL 60.2 TGT 59.8-59.6 - Kedia Advisory
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USDINR
Observation
USDINR trading range for the day is 83.88-83.98.
Rupee ended unchanged while dollar-rupee forward premiums rose
Strong local dollar demand alongside likely absorption of inflows by RBI have kept a lid on the appreciation of the rupee.
Interest rate futures currently signal a near 60% chance of the latter, up from 30% last week.
SELL USDINR SEP @ 83.95 SL 84.05 TGT 83.85-83.75.
EURINR
Observation
EURINR trading range for the day is 92.85-93.61.
Euro steadied as investors look forward to the latest monetary policy decisions from major central banks
Wages in the Eurozone rose 4.5% year-on-year in the second quarter of 2024
Hourly labor costs in the Euro Area rose by 4.7% year-on-year in the second quarter of 2024
SELL EURINR SEP @ 93.4 SL 93.6 TGT 93.2-93.
GBPINR
Observation
GBPINR trading range for the day is 109.95-111.37.
GBP gains as attention turned to UK inflation data and the Bank of England (BoE) meeting.
BoE is expected to keep rates unchanged at 5% this week, with markets pricing an 80% chance of no change.
UK economy stagnated in July, missing the expected 0.2% growth and pushing the pound to its lowest since August 20.
SELL GBPINR SEP @ 110.8 SL 111.1 TGT 110.5-110.2.
JPYINR
Observation
JPYINR trading range for the day is 59.3-60.5.
JPY rose amid a widening monetary policy divergence between Japan and the US.
BOJ widely expected to hold rates steady this week while leaving the door open for another rate increase, possibly as soon as October.
Industrial production growth in Japan was revised upward to 3.1% month-over-month in July 2024.
SELL JPYINR SEP @ 60 SL 60.2 TGT 59.8-59.6.
