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 83.23-83.37.
Rupee remained in range as markets continued to assess the impact of hawkish policy from the RBI on Indian financial markets.
India's retail price inflation dropped to 5.02% year-on-year in September 2023, down from 6.83% in the previous month
India posted a merchandise trade deficit of USD 19.4 billion in September 2023
SELL USDINR OCT @ 83.4 SL 83.55 TGT 83.25-83.12.
EURINR
Observations
EURINR trading range for the day is 87.44-88.18.
Euro fell as investors rushed to the dollar following the release of hotter-than-expected inflation data from the US.
The IMF expects Germany's economy to shrink by 0.5% this year, before growing 0.9% next year.
Spanish consumer inflation rose to 3.5% year on year in September, driven by energy costs as food inflation remained in double-digits
SELL EURINR OCT @ 87.8 SL 88 TGT 87.55-87.4.
GBPINR
Observations
GBPINR trading range for the day is 101.06-102.02.
GBP weakened after data showed Britain's economy only partially recovered in August after a sharp drop in the prior month
Investors turned to the US dollar following the release of stronger-than-expected US inflation data.
The RICS UK Residential Market Survey house price balance, fell slightly to -69 in September 2023 from -68 in August
SELL GBPINR OCT @ 101.6 SL 101.9 TGT 101.3-101.1.
JPYINR
Observations
JPYINR trading range for the day is 55.73-55.95.
JPY depreciated on immense pressure from the dollar after hotter-than-expected US consumer inflation data
Japan's biggest banks to raise housing loan rates after BOJ's policy tweak
Japan's tourism restart stirs hope of service-sector recovery -PMI
SELL JPYINR OCT @ 55.95 SL 56.15 TGT 55.75-55.6.
