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 83.45-83.63.
Rupee closed little changed unable to capitalise on a broadly weaker dollar amid heightened odds of a September rate cut by Fed.
India's foreign exchange reserves decreased by $1.71 billion to reach $652 billion
Dollar-rupee forward premiums ticked up, with the 1-year implied yield touching a one-month peak of 1.66%
SELL USDINR JUL @ 83.6 SL 83.7 TGT 83.5-83.4.
EURINR
Observation
EURINR trading range for the day is 90.29-90.59.
Euro remained in range on potential French political deadlock
Germany's trade surplus increased to EUR 24.9 billion in May 2024.
The timing for ECB rate cuts remains highly uncertain.
SELL EURINR JUL @ 90.5 SL 90.7 TGT 90.3-90.2.
GBPINR
Observations
GBPINR trading range for the day is 106.55-107.21.
GBP steadied as the currency continued to strengthen after the Labour Party's election win.
The British economy expanded 0.7% on quarter in the first three months of 2024, slightly higher than initial estimates of 0.6%.
Investors are now looking ahead to a potential rate cut in August.
SELL GBPINR JUL @ 107 SL 107.3 TGT 106.7-106.5.
JPYINR
Observations
JPYINR trading range for the day is 51.57-52.37.
JPY gains as dollar fell weighed down by soft US economic data.
Japan’s current account surplus climbed to JPY 2,849.9 billion in May 2024
The value of loans in Japan increased 3.2% year-on-year in June 2024
SELL JPYINR JUL @ 52.1 SL 52.3 TGT 51.9-51.7.
