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2024-08-19 10:48:25 am | Source: Kedia Advisory
Sell USDINR Aug @ 84 SL 84.1 TGT 83.88-83.78 - Kedia Advisory
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Sell USDINR Aug @ 84 SL 84.1 TGT 83.88-83.78 - Kedia Advisory

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.

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