Sell USDINR NOV @ 95.1 SL ABOVE 95.3 TGT 94.7 - Kedia Advisory
USDINR
SELL USDINR NOV @ 95.1 SL ABOVE 95.3 TGT 94.7
Observations
USDINR trading range for the day is 94.84-95.44.
Rupee strengthened as RBI measures to manage foreign exchange demand and ease pressure on the currency provided support.
India's HSBC Manufacturing PMI fell to 54.7 in October 2026 from 55.1 in September, revised slightly down from a preliminary estimate of 54.9.
Persistent foreign investor outflows, elevated oil import costs, and firm US Treasury yields remain key risks to a sustained recovery.
EURINR
SELL EURINR NOV @ 107.1 SL ABOVE 107.4 TGT 106.5
Observations
EURINR trading range for the day is 106.31-107.59.
Euro remained under pressure from concerns over France's fiscal outlook and the European Central Bank's cautious approach to further monetary tightening.
Eurozone growth data showed a slowdown in economic activity in Q3, with France unexpectedly slipping into contraction.
Germany’s retail sales dropped 2.0% month-on-month in September 2026, reversing a downwardly revised 1.2% increase in the previous month.
GBPINR
SELL GBPINR NOV @ 127.7 SL ABOVE 128 TGT 127
Observations
GBPINR trading range for the day is 127.09-128.29.
GBP dropped as investors positioned for the Bank of England’s expected return to monetary tightening later this week
Chancellor John Healey delivered his first budget, with spending plans largely meeting expectations and offering few surprises for markets.
Money markets are almost fully pricing in a BoE rate hike on November 5, followed by further increases in February and July, with a 50% chance of another by December 2027.
JPYINR
SELL JPYINR NOV @ 60.6 SL ABOVE 60.8 TGT 60.2
Observations
JPYINR trading range for the day is 60.46-60.87.
JPY dropped despite renewed verbal warnings from Tokyo.
Japan Manufacturing PMI was confirmed at 53.3 in October 2026, matching preliminary estimates, but declining from 54.1 in September.
Investors are awaiting Japan’s wage data due this week for further indications of the Bank of Japan’s monetary policy direction.
