Sell USDINR Aug @ 84 SL 84.1 TGT 83.88-83.78 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.92-84.
Rupee lingered in a tight band as most of its Asian peers reversed early losses and mild dollar sales from foreign banks.
India's economic growth better than expectations: IMF's Gita Gopinath
Dollar-rupee forward premiums declined with the 1-year implied yield down 5 basis points at 2.05%
SELL USDINR AUG @ 84 SL 84.1 TGT 83.88-83.78.
EURINR
Observations
EURINR trading range for the day is 92.08-92.56.
Euro dropped as data showed a sharp drop in investor confidence and a surprising decline in industrial activity
Euro Area GDP grew 0.3% in Q2, unchanged from the previous period and matching preliminary estimates.
In the euro zone, traders were betting on over a 95% chance of a 25 bps European Central Bank rate cut in September.
SELL EURINR AUG @ 92.6 SL 92.8 TGT 92.4-92.2.
GBPINR
Observations
GBPINR trading range for the day is 107.83-108.49.
GBP gains as healthy growth in UK Retail Sales could diminish bets of a second straight BoE interest-rate cut.
The British economy expanded 0.9% year-on-year in Q2 2024, the biggest annual growth rate since Q3
Manufacturing production in the UK climbed 1.1 month-over-month in June 2024
BUY GBPINR AUG @ 108.2 SL 108 TGT 108.5-108.8.
JPYINR
Observations
JPYINR trading range for the day is 56.13-57.13.
JPY depreciated as the dollar strengthened on better-than-expected US economic data.
Political uncertainty in Japan also weighed following reports that Prime Minister Fumio Kishida will not seek reelection
Japan’s economy expanded 0.8% QoQ in the second quarter, reversing from a 0.6% contraction in the first quarter
SELL JPYINR AUG @ 57 SL 57.2 TGT 56.8-56.6.
