Sell USDINR NOV @ 83.45 SL 83.6 TGT 83.35-83.2 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.26-83.46.
Rupee fell to a record low on the back of heavy demand for the greenback and elevated U.S. yields ahead of the Federal Reserve's rate decision.
The Federal Reserve leaves interest rates unchanged and provides little forward guidance on its monetary policy.
The S&P Global India Manufacturing PMI unexpectedly dropped to 55.5 in October 2023 from 57.5
SELL USDINR NOV @ 83.45 SL 83.6 TGT 83.35-83.2
EURINR
Observations
EURINR trading range for the day is 87.84-88.34.
Euro fell amid a general dollar strength as the Fed is set to keep interest rates elevated for some time
The Euro Area economy shrank 0.1% on quarter in the three months to September 2023, worse than market forecasts
Inflation in the euro zone is falling fast and the economy has begun contracting
BUY EURINR NOV @ 87.9 SL 87.7 TGT 88.15-88.3.
GBPINR
Observations
GBPINR trading range for the day is 101-101.5.
GBP dropped as deteriorating UK economic indicators have underscored market bets on the BoE holding rates.
The S&P Global/CIPS UK Manufacturing PMI was revised to 44.8 in October 2023
British lenders in September approved the lowest number of home loans since January
BUY GBPINR NOV @ 101.15 SL 100.85 TGT 101.45-101.6
JPYINR
Observations
JPYINR trading range for the day is 55.18-55.68.
JPY depreciated as the Bank of Japan’s move to loosen its grip on long-term rates was seen as inadequate to close the interest rate gaps.
The BOJ kept its policy rate steady at -0.1% and maintained the 10-year JGB yield target at around 0%.
The consumer confidence index in Japan increased to 35.7 in October of 2023 from September’s six-month low of 35.2.
BUY JPYINR NOV @ 55.3 SL 55.1 TGT 55.5-55.7.
