Sell USDINR Aug @ 83.9 SL 84 TGT 83.8-83.7 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.71-83.89.
Rupee settled flat as likely intervention from RBI.
India Manufacturing PMI rose to 58.5 in July 2023, up from 58.3 in the previous month
The HSBC India Services PMI increased to 61.1 in July 2024 from 60.5 in June, preliminary estimates showed
SELL USDINR AUG @ 83.9 SL 84 TGT 83.8-83.7.
EURINR
Observations
EURINR trading range for the day is 90.56-91.06.
Euro dropped as traders continue to assess the monetary policy outlook.
The GfK Consumer Climate Indicator for Germany climbed to -18.4 heading into August 2024
Markets are currently betting on two more rate reductions by the ECB this year, possibly starting in September.
SELL EURINR AUG @ 90.9 SL 91.1 TGT 90.7-90.5.
GBPINR
Observations
GBPINR trading range for the day is 107.82-108.08.
GBP steadied amid growing speculation that the BoE will begin cutting interest rates in August.
The S&P Global Flash UK Manufacturing PMI increased to 51.8 in July 2024
The S&P Global UK Services PMI edged higher to 52.4 in July of 2024 from the year-to-date low of 52.1 in the previous month
SELL GBPINR AUG @ 108.1 SL 108.4 TGT 107.8-107.5.
JPYINR
Observations
JPYINR trading range for the day is 53.41-54.67.
JPY appreciated as traders piled on bets that the Bank of Japan would raise interest rates again next week
The au Jibun Bank Japan Services PMI jumped to 53.9 in July 2024 from a final 49.4 in the prior month
The au Jibun Bank Japan Manufacturing PMI unexpectedly fell to 49.2 in July 2024 from 50.0 in the previous month
BUY JPYINR AUG @ 54.1 SL 53.9 TGT 54.35-54.55.
