Sell USDINR Oct @ 84.12 SL 84.22 TGT 84.02-83.94 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 84.07-84.09.
Rupee remaining near record lows amid increasing foreign exchange outflows from Indian financial markets.
ndia Manufacturing PMI rose to 57.4 in October 2024, up from 56.5 in the previous month, preliminary estimates showed.
India Services PMI edged higher to 57.9 in October from over one-year low of 57.7 in the previous month, preliminary estimates showed.
SELL USDINR OCT @ 84.12 SL 84.22 TGT 84.02-83.94.
EURINR
Observations
EURINR trading range for the day is 90.54-91.
Euro steadied as traders are betting the ECB will maintain loose monetary policy
ECB's Lagarde: we need to be cautious in cutting rates
Consumer confidence in the Euro Area increased by 0.4 points to -12.5 in October 2024, its highest since February 2022
BUY EURINR OCT @ 90.7 SL 90.5 TGT 90.9-91.1.
GBPINR
Observations
GBPINR trading range for the day is 108.4-109.6.
GBP recovered from lows after reports suggested finance minister may allow more borrowing in the upcoming budget.
BoE Governor Andrew Bailey indicated that inflation is currently below the target level primarily because of annual base effects.
UK Manufacturing PMI eased to 50.3 in October 2024, down from 51.5 in September
BUY GBPINR OCT @ 108.9 SL 108.6 TGT 109.2-109.4.
JPYINR
Observations
JPYINR trading range for the day is 54.89-55.47.
JPY settled flat amid political uncertainty ahead of the country’s general election this weekend.
Investors digested data showing private sector activity in Japan contracted for the first time in four months during October
Japan’s Aoki said the government is watching currency moves closely as the yen has retraced more than half the gains made since authorities last intervened in July.
BUY JPYINR OCT @ 55.2 SL 55 TGT 55.4-55.6.
