Sell USDINR Oct @ 84.1 SL 84.2 TGT 84-83.92 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.97-84.15.
Rupee settled flat amid the rise in regional peers and lower crude oil prices, as dollar demand from foreign banks and importers weighed
India's September merchandise trade deficit at $20.78 bln
Interest rate futures have nearly priced in a 25-basis-point rate cut by the Federal Reserve in November.
SELL USDINR OCT @ 84.1 SL 84.2 TGT 84-83.92.
EURINR
Observations
EURINR trading range for the day is 91.38-91.86.
Euro dropped as the ECB could deliver a 25 basis cut on Main Refinancing Operations and the Deposit Facility.
Eurozone economy shows some signs of growth
Atlanta Fed President Raphael Bostic anticipates just one more interest rate cut of 25 basis points in 2024.
SELL EURINR OCT @ 91.7 SL 91.9 TGT 91.5-91.3.
GBPINR
Observations
GBPINR trading range for the day is 107.52-110.92.
GBP dropped after data showing British inflation slowed more than expected in September
Annual inflation rate in the UK fell to 1.7% in September 2024, the lowest since April 2021.
The annual core inflation rate in the United Kingdom fell to 3.2% in September 2024 from 3.6% in the previous months.
SELL GBPINR OCT @ 109.4 SL 109.6 TGT 109.2-109.
JPYINR
Observations
JPYINR trading range for the day is 55.99-56.63.
JPY steadied as investors reacted to the Bank of Japan board member Seiji Adachi’s latest comments.
Adachi said that conditions are already in place to normalize monetary policy, but emphasized must raise interest rates at a “very moderate” pace.
Japan's core machinery orders, declined by 1.9% month-on-month to 858.1 billion yen in August 2024
BUY JPYINR OCT @ 56.2 SL 56 TGT 56.4-56.6.
