Sell USDINR Jul @ 83.6 SL 83.7 TGT 83.5-83.4 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.49-83.65.
Rupee ended slightly stronger, tracking firmer Asian peers amid a decline in U.S. bond yields, although gains were curbed by local dollar demand.
India's rating upgrade possible in next 24 months if fiscal deficit falls to 4%: S&P
Rupee forward premiums rose with the 1-year implied yield up 2 basis points at 1.64% aided by a decline in U.S. bond yields.
SELL USDINR JUL @ 83.6 SL 83.7 TGT 83.5-83.4.
EURINR
Observation
EURINR trading range for the day is 89.93-90.37.
Euro climbed as the dollar weakened significantly amid growing expectations of a Fed rate cut in September
Factory orders in Germany dropped by 1.6% month-over-month in May 2024
In the Euro Area, flash estimates for June indicated that annual inflation eased to 2.5%, meeting expectations.
BUY EURINR JUL @ 90.1 SL 89.9 TGT 90.3-90.5.
GBPINR
Observations
GBPINR trading range for the day is 106.25-106.57.
GBP gains with voters casting their ballots in England, Scotland, Wales, and Northern Ireland for parliamentary elections.
British consumers increase their borrowing in May by the most in four months after a dip in April
Investors are anticipating a rate cut in August following the Bank of England's decision to keep interest rates steady in June
BUY GBPINR JUL @ 106.2 SL 105.9 TGT 106.5-106.7.
JPYINR
Observations
JPYINR trading range for the day is 51.59-52.25.
JPY gains on short covering after prices dropped amid stark interest rate differentials between Japan and the US
The au Jibun Bank Japan Services PMI was revised downward to 49.4 in June 2024 from flash data of 49.8.
Traders continue to evaluate the Bank of Japan's monetary policy outlook amid a sharply depreciating Japanese Yen.
SELL JPYINR JUL @ 52.1 SL 52.3 TGT 51.9-51.7.
