Sell USDINR Nov @ 89.25 SL 89.4 TGT 89.1-89 - Kedia Advisory
USDINR
SELL USDINR NOV @ 89.25 SL 89.4 TGT 89.1-89.
Observations
USDINR trading range for the day is 88.93-89.41.
Rupee closed nearly flat surrendering early gains as month-end dollar demand from importers offset broader strength
India’s economy likely expanded 7.3% in the July–September quarter, driven by robust rural demand and increased government spending.
The CME FedWatch Tool indicates pricing in an 81% chance of a 25-basis-point Fed rate cut in December.
EURINR
SELL EURINR NOV @ 103.5 SL 103.8 TGT 103.3-103.
Observations
EURINR trading range for the day is 102.43-103.33.
Euro steadied driven by renewed hopes of a near-term US interest rate cut showed signs of losing momentum in the region.
Fed Governor Christopher Waller signaled support for a December cut, citing rising labor market risks.
Eurozone private-sector activity grew robustly in November, slightly below October’s more than two-year high and broadly in line with expectations
GBPINR
SELL GBPINR NOV @ 117.7 SL 118 TGT 117.4-117.2.
Observations
GBPINR trading range for the day is 116.51-117.53.
GBP gains as Finance Minister Rachel Reeves is expected to find tens of billions of pounds to meet fiscal rules.
FM Reeves is expected to find tens of billions of pounds to meet her fiscal rules, and reports that she might avoid tax hikes briefly unsettled markets.
Inflation eased to 3.6% in October, boosting expectations that the Bank of England will cut rates next month.
JPYINR
SELL JPYINR NOV @ 57.3 SL 57.5 TGT 57.1-56.9.
Observations
JPYINR trading range for the day is 56.66-57.24.
JPY settled flat amid speculation that authorities could intervene to curb the currency’s decline.
Markets are eyeing upcoming US holidays as potential windows for Japanese intervention, as periods of low liquidity could amplify the impact.
BOJ Governor Ueda and FM Katayama, fueling speculation that authorities could step in if the currency approaches 160 per dollar.
