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 83.5-83.58.
Rupee closed nearly unchanged as importer dollar demand weighed on the currency, even though most of its Asian peers gained.
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.
India's rating upgrade possible in next 24 months if fiscal deficit falls to 4%: S&P
SELL USDINR JUL @ 83.6 SL 83.7 TGT 83.5-83.4.
EURINR
Observation
EURINR trading range for the day is 90.15-90.65.
Euro gains fueled by expectations of a rate cut by the Federal Reserve in September.
ECB policymakers raised some doubts about whether the Euro Area recovery would take place as expected
The HCOB Eurozone Services PMI fell to 52.8 in June of 2024 from 53.2 in the earlier month
SELL EURINR JUL @ 90.6 SL 90.8 TGT 90.3-90.1.
GBPINR
Observations
GBPINR trading range for the day is 106.37-106.93.
GBP gains as the center-left Labour party won the parliamentary election and secured a majority as expected.
British employers expect the wages they pay will grow more slowly over the coming 12 months
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 @ 106.5 SL 106.2 TGT 106.8-107.
JPYINR
Observations
JPYINR trading range for the day is 51.39-52.49.
JPY appreciated benefitting mainly from a decline in the dollar amid soft US economic data
Reserve assets in Japan fell slightly to $1.231 trillion in June 2024 from $1.232 trillion in May
Household spending in Japan declined in real terms by 1.8% yoy in May 2024
BUY JPYINR JUL @ 51.9 SL 51.7 TGT 52.15-52.35.
