SELL USDINR NOV @ 88.9 SL 89 TGT 88.75-88.6 -Kedia Advisory
USDINR
SELL USDINR NOV @ 88.9 SL 89 TGT 88.75-88.6.
Observations
USDINR trading range for the day is 88.76-88.98.
Rupee managed to hold above the low level on the back of likely dollar-selling market intervention by the central bank.
The HSBC India Manufacturing PMI stood at 59.2 in October 2025, above flash data of 58.4 and September's reading of 57.7.
Money markets are currently pricing in a near 70% chance of a rate cut in December, down from over 90% a week earlier, per CME's FedWatch tool.
EURINR
SELL EURINR NOV @ 102.6 SL 102.9 TGT 102.3-102.
Observations
EURINR trading range for the day is 102.27-102.91.
Euro eased as investors assessed remarks from ECB officials and their implications for the central bank’s policy outlook.
ECB policymaker Galhau said the bank’s monetary stance is well positioned but could adjust if risks intensify.
Data showed Eurozone inflation cooled to just above the ECB’s 2% target, while third-quarter GDP growth exceeded expectations
GBPINR
SELL GBPINR NOV @ 116.9 SL 117.2 TGT 116.6-116.3.
Observations
GBPINR trading range for the day is 116.53-117.11.
GBP steadied on growing concerns about the UK's fiscal situation ahead of Finance Minister Reeves' Autumn budget on November 26.
Moreover, a further softening in wage growth and a rise in unemployment revived bets on an imminent rate cut.
Traders are pricing in a 1-in-3 chance of a 25 bps rate cut on November 6 and a roughly 68% probability of a cut by the year-end.
JPYINR
SELL JPYINR NOV @ 58 SL 58.2 TGT 57.75-57.55.
Observations
JPYINR trading range for the day is 57.73-58.13.
JPY remained in range as the Bank of Japan adopted a cautious approach to interest rate hikes.
The BOJ kept rates unchanged, with Governor Kazuo Ueda warning that global trade policies could dampen growth and corporate profits.
New Finance Minister Katayama clarified that she no longer supports her March view that the yen’s fair value is around 120–130 per dollar.
