Sell USDINR Jul @ 83.5 SL 83.6 TGT 83.4-83.3 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.43-83.81.
Rupee fell pegged back by persistent dollar demand by public sector banks.
Fed officials indicated that the central bank is not in a rush to start its rate-cutting cycle.
The S&P Global Ratings retained its growth forecast for India at 6.8% for FY25
SELL USDINR JUL @ 83.5 SL 83.6 TGT 83.4-83.3.
EURINR
Observation
EURINR trading range for the day is 89.48-89.7.
Euro falls on expectations of further ECB policy easing
The latest data showed a drop in consumer and business morale in Germany and France.
On the inflation front, preliminary data for major economies, including France, Spain, and Italy, will be published on Friday.
BUY EURINR JUL @ 89.4 SL 89.2 TGT 89.6-89.8.
GBPINR
Observations
GBPINR trading range for the day is 105.76-106.04.
GBP steadied as fears of policy divergence have intensified due to strong wage growth in UK.
UK’s high wage inflation refrains BoE policymakers from committing to interest rate cuts.
Uncertainty over the UK’s parliamentary elections will keep the Pound on tenterhooks.
BUY GBPINR JUL @ 105.6 SL 105.3 TGT 105.9-106.
JPYINR
Observations
JPYINR trading range for the day is 52.45-52.65.
JPY depreciated as investors turned cautious and counted down to the release of U.S. price data
Japan to respond appropriately to excessive yen volatility, official says
The au Jibun Bank Japan Services PMI slipped to 49.8 in June 2024 from a final 53.8 in April.
BUY JPYINR JUL @ 52.2 SL 52 TGT 52.4-52.6.
