Sell USDINR OCT @ 83.4 SL 83.55 TGT 83.25-83.12. - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.25-83.37.
Rupee traded in a thin range amid a decline in U.S. Treasury yields and concerns over high crude oil prices following the Middle East conflict.
India's economic growth forecast for the current fiscal year has been raised to 6.3% from 6.1% earlier
The Reserve Bank of India has projected consumer price index (CPI)-based inflation for the current fiscal year at 5.4%
SELL USDINR OCT @ 83.4 SL 83.55 TGT 83.25-83.12.
EURINR
Observation
EURINR trading range for the day is 87.8-88.68.
Euro seen supported as investors shrugged off concerns about the impact and risks of a protracted Israel-Hamas war.
Sentiment was lifted by growing expectations that Fed will hold interest rates steady in November.
HSBC lifts 2023 euro zone growth forecast to 0.5% on economic resilience
SELL EURINR OCT @ 88.5 SL 88.7 TGT 88.25-88.1.
GBPINR
Observation
GBPINR trading range for the day is 101.54-102.56.
GBP remained supported as dovish remarks from top Federal Reserve officials weighed on the dollar.
Retail sales in the United Kingdom rose 2.8% on a like-for-like basis in September 2023 from a year ago
The S&P Global/CIPS UK Services PMI was revised higher to 49.3 in September 2023 from a preliminary of 47.2
BUY GBPINR OCT @ 101.9 SL 101.65 TGT 102.2-102.4.
JPYINR
Observation
JPYINR trading range for the day is 55.95-56.39.
JPY steadied amid growing expectations that the Federal Reserve will not raise interest rates in November.
Japan current account surplus misses forecast in Aug
Japan’s Shinohara told that the country likely won’t seek to reverse the yen’s downtrend with exchange-rate intervention
BUY JPYINR OCT @ 55.9 SL 55.7 TGT 56.12-56.25.
