Sell USDINR OCT @ 83.4 SL 83.55 TGT 83.25-83.12 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 83.13-83.37.
Rupee declined as importers bought the dollar ahead of the release of US CPI data.
The US inflation rate held steady at 3.7% in September 2023, defying market expectations of a slight decrease to 3.6%
The IMF has also projected inflation at 5.5%, up from its earlier forecast of 4.6%.
SELL USDINR OCT @ 83.4 SL 83.55 TGT 83.25-83.12
EURINR
Observation
EURINR trading range for the day is 88.3-88.68.
Euro seen supported as investors digested dovish messages from policymakers at both the Federal Reserve and the European Central Bank
ECB’s Guindos mentioned that inflation was expected to continue its downward trend
ECB’s Villeroy said inflation should still reach the ECB's target of around 2% by the end of 2025, despite the violence that has flared up in Israel.
SELL EURINR OCT @ 88.5 SL 88.7 TGT 88.25-88.05
GBPINR
Observation
GBPINR trading range for the day is 102.16-102.8.
GBP seen supported as markets continued to assess the latest economic data for hints on the policy path for major central banks.
UK economy returns to growth in August
UK trade deficit widened to £3.415 billion in August 2023 from £1.418 billion in the previous month
SELL GBPINR OCT @ 102.5 SL 102.8 TGT 102.15-101.95.
JPYINR
Observation
JPYINR trading range for the day is 55.88-56.1.
JPY dropped as minutes of the Federal Reserve’s last meeting bolstered bets that it will hold interest rates steady
Investors assessed data showing machinery orders in Japan, fell 0.5% month-on-month in August.
The value of loans in Japan increased 2.9% year-on-year in
September 2023, missing market expectations for a 3.1%
growth
SELL JPYINR OCT @ 56.2 SL 56.4 TGT 56-55.82.
More News
The USD/INR futures pair has support at 83.30 levels whereas resistance is placed at 83.60 l...