SELL USDINR NOV @ 84.42 SL 84.52 TGT 84.32-84.24. - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 84.29-84.49.
Rupee fell hurt by outflows from local equities and onexpectations that Trump's victory may boost the dollargoing forward.
The Fed lowered the funds target range by 25 basis pointsto 4.5%-4.75%, in line with expectations
RBI’s has routinely intervened via state-run banks to helpthe rupee avert sharp declines, contributing to thecurrency's muted implied volatility
SELL USDINR NOV @ 84.42 SL 84.52 TGT 84.32-84.24.
EURINR
Observations
EURINR trading range for the day is 90.45-91.17.
Euro gains as investors focused on upcoming monetarypolicy decisions from the US Federal Reserve and the Bankof England
Economic growth in the euro zone may be weaker thanearlier expected and this could have a material bearing onthe inflation outlook
German industrial production dropped 2.5%month-over-month in September 2024
BUY EURINR NOV @ 90.8 SL 90.6 TGT 91-91.2.
GBPINR
Observations
GBPINR trading range for the day is 108.45-109.55.
GBP strengthened after the Bank of England implementedits second 25bps rate cut this year
Bank of England cuts rates but sees higher inflation after Reeves' budget
The Halifax House Price Index in the UK increased 3.9%year-on-year in October 2024, following a downwardlyrevised 4.6% rise in September
BUY GBPINR NOV @ 109 SL 108.7 TGT 109.3-109.5.
JPYINR
Observations
PYINR trading range for the day is 54.83-55.27.
PY dropped amid raising concerns of potentialintervention by Japanese authorities.
Japan’s Mimura, expressed heightened vigilance, statinghe is "closely watching FX moves with a high sense ofurgency
Japan’s real wages fell 0.1% in September, as consumerinflation accelerated to 2.9%.
SELL JPYINR NOV @ 55.2 SL 55.5 TGT 54.9-54.7
