Sell USDINR Aug @ 84.05 SL 84.15 TGT 83.9-83.8 - Kedia Advisory
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
USDINR
Observations
USDINR trading range for the day is 83.9-84.02.
Rupee ended nearly flat as U.S. dollar demand from importers and foreign banks eroded gains.
The annual inflation rate in the US slowed for a fourth consecutive month to 2.9% in July 2024, the lowest since March 2021
Dollar-rupee forward premiums jumped with the 1-year implied yield touching a 15-month peak of 2.10%.
SELL USDINR AUG @ 84.05 SL 84.15 TGT 83.9-83.8.
EURINR
Observations
EURINR trading range for the day is 91.94-92.92.
Euro gains due to a weaker dollar following lower-than-expected US wholesale inflation data.
Investors have slightly increased their expectations for two European Central Bank rate cuts by its mid-October meeting.
The ZEW Indicator of Economic Sentiment for Europe’s largest economy fell by 22.6 points in a month to 19.2 points
SELL EURINR AUG @ 92.5 SL 92.7 TGT 92.3-92.1.
GBPINR
Observations
GBPINR trading range for the day is 107.61-107.99.
GBP dropped after inflation figures for the UK raised bets for a rate cut by the Bank of England.
British consumer price inflation rose to 2.2% after two months at the Bank of England's 2% target
Data showed that annual services price inflation fell to 5.2% in July from June's 5.7%
BUY GBPINR AUG @ 107.7 SL 107.5 TGT 107.9-108.1.
JPYINR
Observations
JPYINR trading range for the day is 56.98-57.56.
JPY appreciated as the dollar weakened on cooler-than-expected US producer inflation data
The Reuters Tankan sentiment index for manufacturers in Japan fell slightly to +10 in August 2024
Traders continued to assess the outlook for Bank of Japan monetary policy in light of recent market volatility
SELL JPYINR AUG @ 57.4 SL 57.7 TGT 57.1-56.8.
