Sell USDINR OCT @ 97 SL 97.2 TGT 96.8-96.6 - Kedia Advisory
USDINR
SELL USDINR OCT @ 97 SL 97.2 TGT 96.8-96.6.
Observations
USDINR trading range for the day is 96.56-97.22.
Rupee strengthened aided by firm central bank intervention and lower oil prices after US President Trump said he would not attack Iran before next month's US elections.
The World Bank has increased the growth forecast for India's FY27 to 7.1% from earlier estimates.
The Reserve Bank of India has updated its inflation forecast for FY27 to 5.2% from 5.0% previously.
EURINR
SELL EURINR OCT @ 108.8 SL 109.1 TGT 108.5-108.2.
Observations
EURINR trading range for the day is 108-109.44.
Euro gained on short covering as there were signs the selling streak was losing momentum as France's tumbling debt market stabilized.
Euro zone inflation could go higher than already-elevated projections, but policymakers dampened near-term rate hike bets.
Markets now price roughly 75 basis points of ECB and 85 basis points of Fed tightening by the end of next year, as oil prices rebounded.
GBPINR
SELL GBPINR OCT @ 128.4 SL 128.7 TGT 128-127.7.
Observations
GBPINR trading range for the day is 127.73-128.91.
GBP remained in range as investors weighed hawkish remarks from Bank of England policymakers.
BoE Pill stressed the need to keep inflation under control, while Greene warned that UK wage growth could reach around 3.5% in 2027.
Governor Andrew Bailey reiterated the importance of bringing inflation down. Markets are pricing in a BoE rate hike in November
JPYINR
SELL JPYINR OCT @ 61.5 SL 61.7 TGT 61.3-61.1.
Observations
JPYINR trading range for the day is 61.47-61.47.
JPY rose after data showed the country’s current account surplus increased to 4.062 trillion yen in August
Japan’s current account surplus rose to JPY 4,062.0 billion in August 2026 from JPY 3,628.1 billion in the same month a year earlier.
BOJ’s Sato, said that she supported a gradual approach to raising interest rates in multiple stages
