Sell USDINR OCT @ 96.5 SL 96.7 TGT 96.3-96.1 - Kedia Advisory
USDINR
SELL USDINR OCT @ 96.5 SL 96.7 TGT 96.3-96.1.
Observations
USDINR trading range for the day is 95.97-96.85.
Rupee dropped to its weakest level in two months as global bond yields surged to decadal highs and oil prices jumped.
India's HSBC Manufacturing PMI rose to 55.1 in September 2026 from 52.8 in August, revised down from a preliminary estimate of 55.7.
The Centre’s fiscal deficit rose to Rs 7.1 lakh crore, or 41.9% of the FY27 target, by August, up from Rs 6 lakh crore a year earlier
EURINR
SELL EURINR OCT @ 109.2 SL 109.5 TGT 108.8-108.5.
Observations
EURINR trading range for the day is 108.71-109.57.
Euro dropped as markets expect the ECB to tighten more slowly than the Fed, with further ECB hikes priced in over the coming year.
A subdued eurozone growth outlook, currently seen at just 0.9% this year, could further constrain the ECB’s room for aggressive tightening.
ECB official Peter Kazimir said that the central bank has time to keep policy flexible after two rate hikes this year.
GBPINR
SELL GBPINR OCT @ 127.65 SL 128 TGT 127.2-127.
Observations
GBPINR trading range for the day is 127.28-128.08.
GBP dropped as rising oil prices fueled inflation concerns, pushed bond yields higher and clouded the UK growth outlook.
Several policymakers, including Governor Andrew Bailey, have signaled greater openness to higher rates as energy costs raise the risk of inflation staying above target.
UK Manufacturing PMI rose to 51.9 in September 2026, up from 51.7 in August and broadly in line with the preliminary estimate and market expectations.
JPYINR
SELL JPYINR OCT @ 61.3 SL 61.5 TGT 61.1-60.9.
Observations
JPYINR trading range for the day is 61.27-61.27.
JPY fell as dollar continued to rise amid expectations that Fed may need to raise interest rates further to contain energy-driven inflation.
Japan Manufacturing PMI was confirmed at 54.1 in September 2026, matching the preliminary estimate and easing from 54.9 in the previous month.
The Bank of Japan’s sentiment index for large manufacturers rose to 24 in Q3 2026 from 22 in Q2, its highest reading since Q1 2018.
