Sell USDINR Aug @ 83.92 SL 84.02 TGT 83.8-83.72 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.83-83.99.
Rupee closed stronger tracking gains in most Asian currencies, as investors awaited remarks from Fed’s Powell.
Fed's Powell gave clear signals that the central bank will cut its interest rate in the September meeting
India’s GDP growth to fall to six-quarter low of 6% in Q1 FY 2025: ICRA
SELL USDINR AUG @ 83.92 SL 84.02 TGT 83.8-83.72.
EURINR
Observations
EURINR trading range for the day is 93.05-93.63.
Euro dropped as new data showed a slowdown in Euro Area wage growth
ECB policymakers decided not to rush into cutting interest rates, preferring to wait until September to reassess their policy stance
Expectations for inflation over the next 12 months in the Euro Area remained unchanged at 2.8% for the third consecutive month
BUY EURINR AUG @ 93.3 SL 93.1 TGT 93.5-93.7.
GBPINR
Observations
GBPINR trading range for the day is 109.54-110.54.
GBP steadied following better-than-expected growth in UK manufacturing and services activity for August.
The S&P Global Flash UK PMI composite output index increased to 53.4, marking a four-month high.
The services sector also experienced its strongest business activity growth in four months.
BUY GBPINR AUG @ 110 SL 109.7 TGT 110.35-110.6.
JPYINR
Observations
JPYINR trading range for the day is 56.87-57.77.
JPY dropped as investors digested the latest inflation figures.
Data showed that Japan’s core inflation rate accelerated for the third consecutive month to 2.7% in July
The annual inflation rate in Japan was at 2.8% in July 2024, holding steady for the third straight month.
BUY JPYINR AUG @ 57.2 SL 57 TGT 57.6-57.9.
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